VIVUS Announces Closing of MUSE Sale
MOUNTAIN VIEW, Calif., Nov. 8, 2010 /PRNewswire-FirstCall/ — VIVUS, Inc. (Nasdaq: VVUS) today announced that it has closed the sale of its MUSE business to Meda. Under the purchase agreement, Meda acquired the MUSE assets including the United States and foreign MUSE patents, existing inventory and the manufacturing facility located in Lakewood, New Jersey. As part of the transaction, most of the former VIVUS employees that were MUSE dedicated, including the field sales force, have joined Meda. VIVUS retains all of the liabilities associated with the pre-closing operations of the MUSE business.
The sales price was $23.5 million, which included an upfront cash payment of $22 million. VIVUS is eligible to receive a one-time milestone payment of $1.5 million based on future sales of MUSE.
VIVUS is a biopharmaceutical company developing therapies to address obesity, sleep apnea, diabetes and male sexual health. The company’s lead product in clinical development is QNEXAÃ‚®, which also is in phase 2 clinical development for the treatment of type 2 diabetes and obstructive sleep apnea. In the area of sexual health, VIVUS is in phase 3 development with avanafil, a PDE5 inhibitor being studied for the treatment of erectile dysfunction. For more information about the company, please visit www.vivus.com.
CONTACT: -------- VIVUS, Inc. Investor Relations: The Trout Group Timothy E. Morris Brian Korb Chief Financial Officer email@example.com 650-934-5200 646-378-2923
SOURCE VIVUS, Inc.