Market Overview

Hyperion Therapeutics Buys Worldwide Rights to BUPHENYL

Hyperion Therapeutics, Inc. (Nasdaq: HPTX) today announced the completion of its acquisition of BUPHENYL® (sodium phenylbutyrate) Tablets and Powder, an FDA-approved therapy for treatment of the most prevalent urea cycle disorders (UCD), from Ucyclyd Pharma Inc., a subsidiary of Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX:VRX). As part of this transaction, Hyperion received a net payment of approximately $11 million due to Ucyclyd's exercise of its option to retain AMMONUL® (sodium phenylacetate and sodium benzoate) Injection 10%/10%, a hospital-based product used for the treatment of acute hyperammonemia in UCD patients. 

Hyperion was granted an option to acquire both BUPHENYL and AMMONUL under a March 2012 collaboration agreement between Hyperion and Ucyclyd Pharma Inc. However as part of the agreement, Ucyclyd had an option to retain AMMONUL. The net payment to Hyperion reflects the $19 million purchase price for BUPHENYL due to Ucyclyd and a $32 million payment due to Hyperion as a result of Ucyclyd's exercise of its option to retain AMMONUL, less costs of approximately $2 million in inventory due to Ucyclyd.

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