Addrenex acquired by Sciele Pharma

DURHAM, N.C. The U.S. subsidiary of a Japanese drug maker has acquired a company that develops drugs for medical conditions related to the body’s adrenergic system.

Addrenex Pharmaceuticals announced Monday its acquisition by Sciele Pharma, the Atlanta-based subsidiary of Shionogi & Co., one of Japan’s largest drug companies, for $29 million. Sciele already held stock in Addrenex and licensed drugs from the Durham, N.C.-based company.

“Sciele has been a valuable partner and catalyst for the success of Addrenex,” Addrenex CEO Moise Khayrallah said in a statement. “Our initial business plan called for bringing innovative drugs to market and enabling our investors to achieve a positive return.”

Sciele had licensed Addrenex’s attention-deficit hyperactivity disorder drug Clonicel (clonidine) and the hypertention drug Jenloga XR (once-daily clonidine). Addrenex has four drugs in clinical trials and more than 400 possible drug candidates.