Watson acquires CoCensys' sales, marketing divisions
Watson Laboratories Inc., a subsidiary of Watson Pharmaceuticals Inc., Corona, CA, signed an agreement to acquire CoCensys Pharmaceutical's neurology and psychiatry sales and marketing divisions.
Watson Laboratories Inc., a subsidiary of Watson Pharmaceuticals Inc., Corona, CA, signed an agreement to acquire CoCensys Pharmaceutical's neurology and psychiatry sales and marketing divisions.
The transaction, valued at approximately $9 million, also entitles Watson to the Irvine, CA-based company's newly acquired central nervous system product and co-promotion agreements for Somerset Pharmaceuticals' Parkinson's disease product Elderpryl and Parke-Davis' children's epilepsy product Zarontin.
"The CoCensys sales and marketing division was particularly attractive because the sales force is well-established and expert in the areas of neurology and psychiatry," said Allan Chao, Watson's chairman and chief executive officer. "They will complement our existing primary and recently established female health care sales forces."
CoCensys says it will benefit from the sale because it will be able to streamline and concentrate energies and resources on discovering and developing therapies for brain and central nervous system disorders. Its sales organization, meanwhile, will "benefit by being part of an operating environment that possesses a large portfolio of products and the significant resources to maximize its marketing capabilities," according to F. Richard Nichol, CoCensys' president and chief executive officer.
The companies plan to collaborate in the future as CoCensys brings new products to market. PR
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