San Diego Business Journal

Innovus Pharmaceuticals Acquires 9 Drug Portfolio

Tuesday, February 12, 2013

La Jolla-based Innovus Pharmaceuticals Inc. will acquire nine prescription drugs from Delaware-based Prospector Capital Partners II LLC. The acquired products are in the areas of dermatology, respiratory and autoimmune diseases.

None of the drugs are currently being marketed, but Innovus said in a statement that it plans to begin manufacturing and distribution beginning in 2014.

“The acquisition of this portfolio of products is an important step towards building the global commercial pipeline of Innovus Pharma,” said Innovus CEO Bassam Damaj in a statement. “But it is important to remember that it is only the first step of our growth strategy, which focuses on launching a wide range of products in many countries with a number of partners. We expect both to acquire more products and to work with our partners to get the products into as many markets as possible.”

Damaj joined Innovus just last month, stepping down from his role as president and CEO of San Diego-based drug developer Apricus Biosciences Inc.

— Meghana Keshavan