Full Press Release Details
Sherwood, Ph.D., CEO
Therapeutics Acquires Fidia Advanced Biopolymers: A Leading Innovator in
Hyaluronic Acid Based Tissue Engineered Products
Provides Novel Technology Platform for Growth & Broadens
Portfolio and Development Pipeline
to Develop Direct Sales Capability for MONOVISC and FAB Products
Mass, - December 31, 2009 - Anika Therapeutics, Inc. (Nasdaq: ANIK) today
announced that it has acquired Fidia Advanced Biopolymers, s.r.l.
("FAB"), a wholly-owned subsidiary of privately held Italian pharmaceutical
company, Fidia Farmaceutici S.p.A. FAB provides hyaluronic acid-based
("HA") products in several therapeutic areas including for the regeneration of
connective and structural tissues damaged by injuries, aging or degenerative
diseases. The Company also announced that it will develop its own
direct U.S. sales capability to capture significantly higher margins from the
domestic sales of MONOVISC , its single-injection osteoarthritis
treatment. Direct commercialization activities will also include the
portfolio of FAB orthopedic products once approvals are achieved in the United
terms of the sale and purchase agreement, Anika purchased FAB in exchange for
USD $17.1 million in cash and 1,981,192 shares of its common
stock. FAB recorded product revenue of approximately USD $11.1
million in the 12 months ended September 30, 2009. Anika anticipates
that the acquisition will be accretive to earnings in the second year of
combined operations.
approximately 50 employees at its headquarters in Abano Terme, Italy,
which includes R&D and cell culture laboratories, as well as commercial and
manufacturing operations. FAB's unique, patented technology for
modifying HA to produce fibers, films and textile biomaterials is used in a wide
variety of medical device applications. FAB also pioneered in
Europe the development of tissue engineered products for cartilage regeneration
and treatment of burns and diabetic ulcers. FAB's modified HA
technology is also commercialized in a range of orthopedic, otolaryngology, and
urogynecology products.
provides Anika with an exciting new growth platform and advances our vision to
offer therapeutic products that go beyond pain relief to protect and restore
damaged tissue," said Charles H. Sherwood, Ph.D., Anika's President and Chief
Executive Officer. "FAB's complementary regenerative technology
allows us to expand Anika's commercial product portfolio and development
pipeline with innovative joint health and other therapeutic
products. FAB also has a strong research ability that complements
Anika's excellent development and manufacturing resources."
innovative orthopedic product portfolio will provide us with a critical mass of
products to sell into the U.S. market along with MONOVISC upon its approval,"
said Sherwood. "We filed the final module of our MONOVISC PMA
containing the clinical data on December 24th, and
we expect to receive U.S. FDA approval in the second half of
2010. Internationally, we are planning to leverage FAB's strong
distributor partners in Europe and Asia to enhance sales of MONOVISC and Anika's
other products in new and existing international markets."
acquisition of FAB and the decision to build a direct Anika sales capability are
two important, mutually reinforcing milestones that we expect to propel Anika to
a new stage of growth. We are confident that our integrated team will
realize significant upside potential from the combined company, and we look
forward to welcoming FAB's talented employees to Anika," concluded
conduct a special conference call on Monday, January 4, 2010 at 10 a.m. (Eastern
time) to provide an overview of the transaction and other business and
financial matters affecting the Company, some of which may contain information
that has not been previously disclosed. To listen to the conference
call, dial 800-299-7089 (International callers dial 617-801-9714) and use the
passcode 31471402. Please call approximately 10 minutes before the starting time
and reference Anika Therapeutics. In addition, the conference call will be
available to interested parties through a live audio webcast in the "Investor
Relations" section of Anika's website, www.anikatherapeutics.com. The
call will be archived and accessible on the same website shortly after the
conclusion of the call.
webcast also is being distributed through the Thomson StreetEvents Network.
Individual investors can listen to the call at www.earnings.com, Thomson's
individual investor portal, powered by StreetEvents. Institutional
investors can access the call via Thomson StreetEvents (www.streetevents.com), a
password-protected event management site.
Anika Therapeutics, Inc.
in Bedford, Mass., Anika Therapeutics,
Inc. develops, manufactures and commercializes therapeutic products for
tissue protection, healing and repair. These products are based on
(HA), a naturally occurring, biocompatible polymer found throughout the
body. Anika's products include ORTHOVISC , a
treatment for osteoarthritis of the knee available internationally and marketed
in the U.S. by DePuy Mitek; HYVISC ,
a treatment for equine osteoarthritis marketed in the U.S. by Boehringer
Ingelheim Vetmedica, Inc.; the ELEVESS, ELEVESS Light, and HYDRELLE family of
aesthetic dermatology products for facial wrinkles, scar remediation and lip
augmentation; AMVISC , AMVISC Plus, STAARVISC -II and
Shellgel injectable viscoelastic HA products for ophthalmic surgery;
an HA-based anti-adhesive for surgical applications; ORTHOVISC mini
a treatment for osteoarthritis targeting small joints and available in Europe;
single-injection osteoarthritis product based on Anika's proprietary
cross-linking technology and available in Europe, Turkey and Canada; and next
generation products for joint health and aesthetic dermatology based on the
Company's proprietary, chemically modified HA.
press release contains, and the Company's conference call may contain,
forward-looking statements within the meaning of the federal securities
laws. The statements made in this press release and those that may be
made during the Company's conference call which are not statements of historical
fact are forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934,
including, without limitation, statements that may be identified by words such
as "expectations," "remains," "focus," "expected," "prospective," "expanding,"
"building," "continue," "progress," "plan," "efforts," "hope," "believe,"
"objectives," "opportunities," "will," "seek," "expect" and other expressions
which are predictions of or indicate future events and trends and which do not
constitute historical matters identify forward-looking