Sciele-PharmaSciele Pharma, Inc., a U.S.-based group company of Shionogi & Co., Ltd. and Victory Pharma, Inc., a privately held U.S. pharmaceutical company announced that Sciele has agreed to acquire Victory.

Under the terms of the deal, Atlanta, Georgia headquartered Sciele will pay $150 million at closing. The transaction is expected to close in the second quarter of 2009 and is subject to clearance under the Hart-Scott-Rodino Antitrust Improvement Act and other customary closing conditions.

San Diego, California headquartered Victory's lead product is NAPRELAN, which is the only branded, once-daily sustained release formulation of naproxen sodium, a non-steroidal anti-inflammatory drug.

The pain market has been one of the Osaka, Japan headquartered Shionogi's target therapeutic areas. Shionogi said it would further accelerate the development of its drug candidate for the alleviation of opioid-induced adverse effects and other pre-clinical compounds.

Matt Heck, President and chief executive officer of Victory, said, "We have built an outstanding pain franchise and believe that Sciele has the resources to maximize the potential of Victory's marketed products and its research and development pipeline."

Ed Schutter, President and chief operating officer of Sciele, said, "This acquisition provides an immediate expansion into the pain market for Sciele, establishes a platform from which to acquire additional pain management products and aligns Sciele with Shionogi's focus in pain management."