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AVANIR Completes the Acquisition of Alamo Pharmaceuticals

Posted on: Wednesday, 24 May 2006, 18:00 CDT

AVANIR Pharmaceuticals (NASDAQ:AVNR) announced today that it has completed its previously announced purchase of Alamo Pharmaceuticals, LLC (Alamo). The terms of the acquisition, including the purchase price, were announced May 23, 2006.

About AVANIR

AVANIR Pharmaceuticals is focused on developing and commercializing novel therapeutic products for the treatment of chronic diseases. AVANIR's product candidates address therapeutic markets that include central nervous system and cardiovascular disorders, inflammation, and infectious diseases. AVANIR previously announced and published positive results from the two required Phase III clinical trials for Neurodex(TM), an investigational new drug for the treatment of involuntary emotional expression disorder currently under priority review with the FDA. Additionally, AVANIR has initiated a Phase III clinical trial for Neurodex as a potential treatment in patients with diabetic neuropathic pain, a second indication for Neurodex. AVANIR has active collaborations with two international pharmaceutical companies: Novartis International Pharmaceutical Ltd. for the treatment of inflammatory disease and AstraZeneca for the treatment of cardiovascular disease. The Company's first commercialized product, abreva(R), is marketed in North America by GlaxoSmithKline Consumer Healthcare and is the leading over-the-counter product for the treatment of cold sores. Further information about AVANIR can be found at www.avanir.com.

About Alamo

Alamo is a specialty pharmaceutical company with a sales force of approximately fifty representatives currently marketing FazaClo(R) (clozapine, USP), the only disintegrating formulation of clozapine for the management of severely ill schizophrenic patients who fail to respond adequately to standard schizophrenic drug treatments. FazaClo is also indicated for reducing the risk of suicidal behavior in patients with schizophrenic or schizoaffective disorder.

Forward-Looking Statements

Statements in this press release that are not historical facts, including statements that are preceded by, followed by, or that include such words as "estimate,""anticipate,""believe,""plan," or "expect," or similar statements, are forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied by such statements. Risks and uncertainties also include risks relating to future FazaClo sales, as well as the risks set forth in AVANIR's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and from time-to-time in other publicly available information regarding the Company. Copies of this information are available from AVANIR upon request. AVANIR disclaims any intent or obligation to update these forward-looking statements.

Source: Business Wire

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