Watson Confirms Columbia Laboratories Shareholder Approval of Proposed Acquisition of Progesterone-related Assets
MORRISTOWN, N.J., July 1 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) today confirmed that shareholders of Columbia Laboratories, Inc. (Nasdaq: CBRX) have approved the terms and conditions of the previously announced acquisition by Watson of the U.S. rights to Columbia's CRINONE® and PROCHIEVE® progesterone gel product line and 11,200,000 shares of Columbia common stock.
The acquisition remains subject to customary closing conditions. After the close of the acquisition, Watson intends to immediately begin marketing CRINONE® and PROCHIEVE® in the U.S. to reproductive endocrinologists and Ob/Gyns through Watson's Brand Sales Forces as well as expanding its sales effort with the addition of approximately 19 sales representatives that marketed these products for Columbia. The acquisition is expected to close within three business days.
CRINONE® is currently used for progesterone supplementation or replacement as part of an Assisted Reproductive Technology (ART) treatment for infertile women with a progesterone deficiency. Patient preference for CRINONE® has been demonstrated in five clinical trials. The product is also available under the trade name PROCHIEVE® and available in both a 4% and 8% concentrations. PROCHIEVE® 4% is indicated for the treatment of secondary amenorrhea.
A Phase 3 clinical program called the PREGNANT (PROCHIEVE® Extending GestatioN A New Therapy) Study is currently und