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Home Industry News MSD completes acquisition of NovaCardia

MSD completes acquisition of NovaCardia

12th September 2007

Merck, Sharp and Dohme (MSD) has announced the completion of its acquisition of privately-owned clinical-stage pharmaceutical firm NovaCardia – a company concentrating on the development of treatments for cardiovascular conditions.

Included in this acquisition is the investigational compound KW-3902 (rolofylline), a drug currently in phase III as a treatment for acute heart failure, with the treatment now joining the research and development pipeline of MSD.

Under the terms of the agreement, MSD purchased NovaCardia for the sum of $366.4 million (180.6 million pounds) paid through the issuance of 7.3 million MSD shares to former NovaCardia stakeholders.

This sum included $16.4 million of cash and investments on hand at the closing of the deal.

“Approximately $325 million of the purchase price will be accounted for as in-process research and development costs, which is expected to result in a charge to [MSD]’s third quarter earnings of 15 cents per share,” the company reports.

MSD adds that it will publish further details of its financial performance in the third quarter of on October 22nd 2007, together with its full-year guidance for 2007.

The company announced the acquisition of NovaCardia in July 2007, with the firm reporting that the merger would enhance its internal research for the development of innovative drugs to treat cardiovascular diseases.

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