Medicis is the leading independent pharmaceutical company in the United States focusing primarily on the treatment of dermatological conditions. Based in Wilmington, Mass., Ascent is a pharmaceutical company primarily dedicated to the specialty of pediatrics. Medicis Pharmaceutical Corporation and Ascent Pediatrics, Inc. today announced that they have entered into a definitive merger agreement under which Medicis will acquire Ascent, a specialty pharmaceutical company focused on the marketing and sale of prescription products to U.S. based pediatricians.
Under the terms of the agreement, Medicis will pay approximately $60 million and has agreed to pay to the holders of Ascent's common equity up to an additional $10 million per year for each of the first five years. This transaction provides Medicis with critical mass to assist with the entrance into the category of pediatrics.
"We are pleased to announce our carefully planned entrance into the pediatric market with a transaction we expect to be accretive," said Jonah Shacknai, Chairman and Chief Executive Officer of Medicis. Emmett Clemente, Ph.D., Chairman, President and Treasurer of Ascent said, "We at Ascent are extremely pleased to have entered into this arrangement as it provides us the best opportunity to transfer the mission of Ascent to a strong and innovative organization, which can provide the pediatric community with creative and valuable products. "
Ascent's portfolio of specialty pharmaceutical pediatric products currently includes ORAPRED« (prednisolone sodium phosphate), PRIMSOL« (trimethoprim HCl), and PEDIAMIST«. Sales of ORAPRED« comprise the majority of the Ascent product sales. Ascent currently supports these products with a dedicated pediatric sales force, numbering approximately 70 representatives and sales management.