September 19, 2008

Ovation Acquires Rights to Prestwick’s Huntington’s Drug

Ovation Pharmaceuticals has acquired from Prestwick Pharmaceuticals the exclusive license in the US to commercialize Xenazine, an orphan drug recently approved by the FDA for the treatment of chorea associated with Huntington's disease. Financial terms of the deal were not disclosed.

Subsequently, Biovail, the Canadian pharmaceutical company, has acquired Prestwick. Under the terms of the agreement, Biovail and Ovation will jointly develop additional follow-on indications for Xenazine and related products in the US in conjunction with Cambridge Laboratories, the worldwide license holder of the drug.

Xenazine is the first and only FDA-approved treatment for any Huntington's disease-related disorders. Ovation expects to launch the product in the US by the end of 2008.

Jeffrey Aronin, president and CEO of Ovation, said: "This drug represents a strong strategic fit and complements our existing portfolio of central nervous system products, in addition to continuing our business strategy of pursuing opportunities to bring important new medicines to severely ill patients with unmet medical needs."