GW and Otsuka Receive Hart-Scott-Rodino Clearance for Sativex® US License Agreement
GW and Otsuka Receive Hart-Scott-Rodino Clearance for Sativex® US License Agreement
22 March 2007
GW Pharmaceuticals plc (AIM: GWP) and Otsuka Pharmaceutical Co. Ltd today announce that they have each received early termination by the United States Federal Trade Commission and the Antitrust Division of the United States Department of Justice of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the development and license agreement announced on 14 February 2007 granting Otsuka exclusive rights to develop and market Sativex®, GW's lead product, in the United States. With the grant of HSR clearance, GW and Otsuka have now received the approval of the U.S. antitrust authorities necessary to close the transaction.
On 14 February 2007, GW and Otsuka announced that they had entered into a major long term strategic cannabinoid alliance. The relationship has commenced with the grant to Otsuka of an exclusive license to develop and market Sativex in the U.S. The companies are also in detailed discussions with a view to entering into a cannabinoid research collaboration in the field of Central Nervous System (CNS) disorders and cancer treatment in order to research, develop and commercialize a range of other early stage cannabinoid product opportunities.