EMERYVILLE, Calif. & BRISBANE, Queensland--(Business Wire)--
Peplin, Inc. (ASX:PLI) today announced that it has completed its merger with LEO
Pharma A/S (LEO) after obtaining the approval of the majority of Peplin
stockholders. The deal was originally announced on 3 September, 2009 when LEO, a
privately-held, leading global pharmaceutical company within Dermatology and
Critical Care, agreed to acquire all outstanding securities of Peplin for
approximately US$287.5 million in cash. The merger consideration will be
distributed to holders of common stock and CDIs promptly.
Peplin will operate as a US-based LEO subsidiary with George Mahaffey, formerly
Peplin`s Chief Commercial Officer, promoted to lead the company as Chief
Executive Officer. Dr. Eugene Bauer will continue with Peplin as the President
and Chief Medical Officer and Dr. Peter Welburn will also maintain his role as
General Manager, Australia and Vice President, Research and Development. Peplin
will retain other key management and employees and plans to continue operations
in Emeryville, California and Brisbane, Queensland.
Peplin`s lead product candidate, PEP005 Gel is currently in Phase 3 clinical
trials for actinic (solar) keratosis (AK), a common pre-cancerous skin lesion,
on both head and non-head locations. Peplin CEO George Mahaffey said "We are
excited to be part of the LEO Pharma organization and look forward to combining
resources to efficiently register PEP005 Gel for the benefit of AK patients
worldwide."
President and CEO of LEO Pharma, Gitte Aabo, said "We are very pleased that the
merger is now complete and look forward to focusing our energy on developing
PEP005 as quickly as possible for the benefit of patients. In addition, LEO
Pharma would like to express its appreciation for the professionalism and
dedication that the people of Peplin have shown in developing PEP005."
ABOUT LEO PHARMA
LEO Pharma is an independent, research-based pharmaceutical company based in
Ballerup, Denmark, near Copenhagen. LEO Pharma is wholly owned by the LEO
Foundation and is one of the world`s leading companies within dermatology (skin
diseases) and the parenteral treatment of thromboembolisms (thrombosis).
LEO Pharma discovers, develops, manufactures and markets safe and efficacious
drugs globally. 96% of LEO Pharma`s turnover (5.7 billion DKK, approximately
US$1.1 billion, in 2008) stems from outside Denmark. LEO Pharma is represented
in more than 90 countries and has approx. 3,000 employees, of whom 1,200 work in
Denmark. For more information, please see http://www.leo-pharma.com.
ABOUT PEPLIN
Peplin is a development stage specialty pharmaceutical company focused on
advancing and commercialising innovative medical dermatology products. Peplin is
currently developing ingenol mebutate, or PEP005, which is a novel compound
derived from the sap of Euphorbia peplus, or E. peplus, a rapidly growing,
readily available plant commonly referred to as petty spurge or radium weed. E.
peplus has a long history of traditional use for a variety of conditions,
including the topical self-treatment of various skin disorders, including skin
cancer and pre-cancerous skin lesions.
Peplin`s lead product candidate is a patient-applied topical gel containing
ingenol mebutate, a compound the use of which Peplin has patented for the
treatment of actinic (solar) keratosis, or AK. This product candidate referred
to as PEP005 (ingenol mebutate) Gel is currently in Phase 3 clinical trials,
having completed their first Phase 3, known as REGION-I. For more information,
please see www.peplin.com.
FORWARD LOOKING STATEMENTS
This press release contains "forward-looking statements" as defined under U.S.
federal securities laws, which involve a number of risks and uncertainties.
Peplin cautions readers that any forward-looking information is not a guarantee
of future performance and that actual results could differ materially from those
contained in the forward-looking information. These forward-looking statements
can be identified through the use of words such as "anticipates," "expects,"
"intends," "plans," "believes," "seeks," "estimates," "may," "will," and
variations of these words or similar expressions. All such forward-looking
statements include, but are not limited to, statements about LEO`s acquisition
of Peplin, timing of filing of a New Drug Application and other statements that
are not historical facts. Forward-looking statements speak only as of the date
they were made. No undue reliance should be placed on any forward-looking
statements. Such information is subject to change, and we undertake no
obligation to update such statements.
Peplin, Inc.
George Mahaffey, +1-510-653-9700
Chief Executive Officer
george.mahaffey@peplin.com
or
David Smith, +61-7-3250-1200
Chief Financial Officer
david.smith@peplin.com
Copyright Business Wire 2009
