Sepracor To Acquire Oryx Pharmaceuticals Inc. And Expand Commercial Operations Into Canada

Sepracor Inc. announced recently that it has entered into an agreement to acquire Oryx Pharmaceuticals Inc., an affiliate of the Arrow Group. Oryx is a specialty pharmaceutical company that in-licenses and markets branded prescription pharmaceutical products to physician specialists and hospitals within Canada and is focused in the cardiovascular, central nervous system (CNS) disorders, pain and infectious disease therapeutic areas. The company's portfolio consists of 14 specialized products, including NIASPAN, ADVICOR, ANGIOMAX, NAPRELAN, CUBICIN, TRILEPTAL and RESTORIL and is projected to achieve 2008 revenues of approximately Cdn $20M.

Under the terms of the agreement, Oryx's shareholders will receive U.S. $50M (approximately 2.5 times projected 2008 sales) and may become entitled to receive subsequent payments up to $20M upon accomplishment of various regulatory milestones. The transaction is expected to close on June 1, 2008, subject to customary closing conditions.

"The acquisition of Oryx fulfills a long-standing corporate objective of developing a commercial footprint in the strategically important Canadian pharmaceutical market. Given the growth in our research and development pipeline and the planned submissions of products such as LUNESTA, BROVANA and eslicarbazepine for marketing approval in Canada, this acquisition should enable us to fully leverage Sepracor's current and future product opportunities in this market in addition to the Oryx portfolio," said Adrian Adams, President and Chief Executive Officer of Sepracor. "We are also delighted to be taking on board an experienced management team and commercial infrastructure that has demonstrated excellent regulatory and product launch successes over recent times."

"I am extremely proud of the team at Oryx and all that we accomplished in the past," said Douglas Reynolds, President of Oryx Pharmaceuticals Inc. "We are very excited to become part of such a growing and dynamic company as Sepracor and to building upon what is already a strong commercial footprint within Canada."

About Sepracor
Sepracor Inc. is a research-based pharmaceutical company dedicated to treating and preventing human disease by discovering, developing and commercializing innovative pharmaceutical products that are directed toward serving unmet medical needs. Sepracor's drug development program has yielded a portfolio of pharmaceutical products and candidates with a focus on respiratory and central nervous system disorders. Currently marketed products include LUNESTA brand eszopiclone, XOPENEX brand levalbuterol HCl Inhalation Solution, XOPENEX HFA brand levalbuterol tartrate Inhalation Aerosol, BROVANA brand arformoterol tartrate Inhalation Solution and OMNARIS brand ciclesonide Nasal Spray. Sepracor's corporate headquarters are located in Marlborough, Massachusetts.

SOURCE: Sepracor Inc.