Impax sells US Daraprim rights to Turing Pharma

US generics drugmaker Impax Laboratories (Nasdaq: IPXL) says it has sold its US rights to the Daraprim (pyrimethamine) brand to privately-held Swiss biopharmaceutical company Turing Pharmaceuticals for around $55 million.

Impax acquired Daraprim as part of the Company's acquisition of Tower Holdings (including operating subsidiaries CorePharma and Amedra Pharmaceuticals), and Lineage Therapeutics which was completed on March 9, 2015. The US Federal Trade Commission made the disposal part of its conditions for approving the $700 million deal on competition grounds (The Pharma Letter March 9).

Fred Wilkinson, president and chief executive of Impax, stated: "This transaction makes sense for both parties. Daraprim will enhance Turing's product portfolio and help them establish relationships with prescribers. Impax benefits by receiving value for a non-core asset and recovers almost 8% of the $700 million acquisition price for Tower. The proceeds provide us with additional financial resources to pursue strategic growth opportunities."