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NitroMed, Inc.

Drug Names(s): isosorbide dinitrate and hydralazine

Description: BiDil is a combination of two drugs, isosorbide dinitrate and hydralazine. Isosorbide dinitrate is a nitric oxide donor while hydralazine is an antioxidant and vasodilator agent (alters calcium metabolism in smooth muscles). They work in combination to dilate blood vessels.

BiDil XR is an extended-release formulation of BiDil.

Deal Structure: In October 2008, NitroMed announced that JHP Pharmaceuticals has agreed to acquire substantially all of the assets related to NitroMed's BiDil drug business. The purchase and sale agreement between the companies provides that NitroMed will receive consideration of $24.5 million in cash, subject to an accounts receivable adjustment, plus up to an additional $1.8 million for closing date inventory. JHP will assume all but specified liabilities related to the transferred assets.

In January 2009, NitroMed announced that it entered into a merger agreement to be acquired by affiliates of Deerfield Management. Prior to entering into the merger agreement with Deerfield, NitroMed terminated its previously announced purchase and sale agreement with JHP Pharmaceuticals and its previously announced merger agreement with Archemix in accordance with the terms of those agreements, including the payment of termination fees. The acquisition was completed in April 2009.

BiDil News

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