>Discovery Laboratories has been a contract manufacturing client of >Laureate Pharma for more than two years, and during 2005 its Totowa facility was primarily dedicated to development of Discovery Laboratories' lead respiratory product, Surfaxin, for the prevention of respiratory distress syndrome (RDS) in infants.
Through the acquisition, Discovery Labs will now gain control of the commercial and clinical production of Surfaxin and its pipeline of other surfectant replacement therapy (SRT) products for respiratory disease.
"We are preparing our organisation for the anticipated approval of Surfaxin in April 2006. We believe our SRT pipeline will revolutionise the treatment of respiratory diseases and believe it is strategically important to hold control of key operations of a pharmaceutical business from clinical trials to manufacturing to commercialisation," said Robert Capetola, president and CEO, Discovery Labs.
Laureate Pharma, which was acquired by Safeguard Scientifics in December of 2004, plans to use the proceeds of the sale to expand its bioprocessing services at its Princeton, New Jersey Facility, where the majority of its contract manufacturing revenues over the past two years has been generated.
"We are pleased to continue our partnership with Discovery Labs as we transition from our role as their contract manufacturer and they progress toward full-scale commercial production of their initial product. We will continue to support Discovery Labs with services from our Princeton facility," Robert Broeze, president and CEO of Laureate Pharma.