Galenica Will Buy Canada's Aspreva

Switzerland's Galenica Group will pay $915 million to acquire Canada's Aspreva Pharmaceuticals. After the acquisition, Galenica will combine Aspreva with its Vifor International iron-based medications business to create a specialty drug arm. Aspreva develops medicines for uncommon diseases, such as autoimmune conditions, for which there are limited treatment options. In 2003, Aspreva licensed Roche's organ transplant rejection drug CellCept for autoimmune applications and has been testing it in treating lupus nephritis. Galenica says it will use Aspreva's know-how to develop Vifor's pipeline and extend its approved products into other disease indications. In the first half of 2007, Aspreva had revenues of $123 million and a net profit of $75 million.