NitroMed Announces Agreement to Sell BiDil® Drug Business to MCP Pharmaceuticals, LLC
— NTMD Reports Financial Results for Third Fiscal Quarter 2008 —
LEXINGTON, MA–(October 23, 2008) — NitroMed, Inc. (NASDAQ:NTMD) today announced that MCP Pharmaceuticals, LLC, a privately held specialty pharmaceutical company, has agreed to acquire substantially all of the assets related to NitroMed’s BiDil® drug business.
The purchase and sale agreement between the companies provides that NitroMed will receive consideration of $24.5 million in cash, subject to an accounts receivable adjustment plus up to an additional $1.8 million for closing date inventory. MCP will assume all but specified liabilities related to the transferred assets. BiDil (isosorbide dinitrate/hydralazine hydrochloride) is an orally-administered medicine approved in the United States for the treatment of heart failure in self-identified black patients as an adjunct to current standard therapies.
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