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SciClone buys VC-backed NovaMed

  • Anita Davis
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California-based SciClone Pharmaceuticals Inc. has acquired Fidelity Asia Ventures- and Atlas Venture-backed NovaMed Pharmaceuticals Inc., a Chinese specialty pharmaceutical firm, for approximately $62 million in the form of cash and shares.

According to a statement from the firms, the transaction sees NovaMed shareholders receive $24.7 million in cash and more than 8 million shares of SciClone common stock valued at $37.1 million. They will also have the right to an additional cash consideration of up to $43.0 million depending on revenue and earnings targets for the 2011 and 2012 fiscal years.

NovaMed is a privately held firm that owns 18 drug products treating the areas of oncology, cardiovascular disease, central nervous system disorders and urology and infections. The company claimed to have seen growing revenues by more than 25% annually since its 2006 launch, generating unaudited revenues of $31.5 million in 2010. SciClone, which is listed on the Nasdaq and has nearly 20 of its own commercial stage products, will se NovaMed's experience in China to boost its own brand footprint in the market.

In January 2008, NovaMed announced that it had secured a $13.8 million Series B funding round led by Fidelity Asia Ventures and Fidelity Biosciences, with participation from Series A investor Atlas Venture.

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