Initial Acquisition Reflects Specialty Generics Company's Focus on Filling Niche Between Branded Pharmaceuticals and Commoditized Generics.
FOR IMMEDIATE RELEASE May 11, 2009
ALVOGEN ACQUIRES TODAY® SPONGE ASSETS
Initial Acquisition Reflects Specialty Generics Company's Focus on Filling Niche Between Branded Pharmaceuticals and Commoditized Generics
June 11, 2008, New York, NY–Alvogen, Inc., a Specialty Generics company seeking to establish a leadership position in an emerging "third" category of drugs beside branded pharmaceuticals and commoditized generics, today announced its initial product acquisition, the Today Sponge®. Utilizing a unique and challenging manufacturing process that has been significantly enhanced by Alvogen affiliate, Norwich Pharmaceuticals Inc., the Today Sponge® provides a safe and effective non-hormonal birth control alternative for millions of American women.
"This acquisition aligns with our singular focus of acquiring, developing, manufacturing and marketing our pipeline of high value products," said Douglas L. Drysdale, chief executive officer of Alvogen. "We are building this pipeline around the generation a robust product portfolio of complex generic drugs with significant barriers to entry."
In addition to utilizing the established manufacturing expertise and renowned quality reputation of Norwich Pharmaceuticals Inc., Alvogen is also leveraging the extensive product portfolios and development pipelines of its multiple affiliates in the Middle East, North Africa and Europe.
Today Sponge® is constructed of soft polyurethane foam containing a well known, locally-acting, non-systemic spermicide, N-9. The innovative manufacturing process involves both sponge creation and active ingredient introduction in a continuous-process production environment.
Originally introduced in 1983 and later acquired by Wyeth, the Today® Sponge affords the freedom and flexibility of 24-hour protection, and is safe and convenient to use. While on the market, it was the most popular over-the-counter birth control method for women, and market interest in the product has never waned.
About Alvogen, Inc.
Alvogen is a specialty generics company focused on developing, producing and marketing complex, high value generic drugs; providing access to such medications; and improving the quality of life for millions of Americans. In seeking to establish a leadership position in an emerging "third" category of drugs beside branded pharmaceuticals and commoditized generics, Alvogen has successfully attracted additional investment from its leading equity partner, New York City based AFI Partners. Funds are being applied to building both an expanded and strengthened management team, as well as manufacturing capacity at its Norwich, NY facilities.
About Doug Drysdale
Alvogen's CEO Doug Drysdale has nearly 20 years of experience in the healthcare industry. Most recently he served as corporate vice president, mergers & acquisitions and member of the executive board for Actavis Group, one of the world's leading players in the generics marketplace. Prior to joining Actavis, Drysdale held positions at Alpharma, Inc. as vice president, global business development, Forest Laboratories, Inc. and Alkensa, Inc., a CNS development company that he co-founded.
About Norwich Pharmaceuticals, Inc.
Affiliated with Alvogen, Norwich Pharmaceuticals Inc. is a contract manufacturer and packager based in Norwich, NY, providing comprehensive support–from clinical trial manufacturing through scale-up to commercial launch–to the pharmaceutical industry. The company brings over 100 years of experience to the production, packaging and distribution of solid dose, semi-solid and liquid pharmaceuticals.