March 5, 2010: SpePharm Holding, BV has acquired the worldwide (except North and South American) rights to Savene from TopoTarget A/S. As part of the acquisition SpePharm will also take on the European sales force of TopoTarget. Savene, which has been marketed by TopoTarget since its approval by the EMEA in July 2006, is the only approved product for the treatment of extravasations, or leakage out of the blood stream, of certain commonly used anticancer drugs known as anthracyclines. If not adequately and timely treated, such extravasations can lead to tissue necrosis that is sometimes of sufficient severity to require surgery including amputation.
To complete this acquisition and to finance its further growth in Europe, SpePharm has closed a €7 million equity investment by its existing investors TVM Capital, Signet Healthcare and Paul Capital Healthcare. At the same time, the company received a €4 million secured convertible debenture from Canadian company Paladin Labs, Inc. SpePharm has granted Paladin an exclusive licence to Savene for South Africa and Israel. The two companies will provide each other with reciprocal rights, in their respective geographies, that come from any future product acquisitions or licensing transactions. Paladin will also be entitled to place a representative on the SpePharm Supervisory Board.
