Neuraxpharm expands Greek product portfolio with acquisition of Lazap®, a well-established antipsychotic brand

European CNS specialist Neuraxpharm acquires Lazap^®, an atypical antipsychotic prescription drug primarily used to treat schizophrenia and bipolar disorder

Athens, June 1^st, 2023 – Brain Therapeutics/Neuraxpharm Greece, the subsidiary of the Neuraxpharm Group in Greece, the leading European specialty pharmaceutical company focused on the treatment of central nervous system (CNS) disorders, today announces the acquisition of the well-established local prescription brand Lazap^® (olanzapine) from Greek pharmaceutical company Lyofin Ltd.

The agreement between Brain Therapeutics/Neuraxpharm Greece and Lyofin Ltd includes the rights to commercialize Lazap^®’s two marketed presentations, Lazap^® 5 mg and 20 mg film-coated tablets in Greece.

Lazap^® (olanzapine) is an atypical antipsychotic prescription drug indicated to treat schizophrenia and bipolar disorder. The brand is well-known and mostly prescribed by psychiatrists and CNS specialists for the management of schizophrenia and bipolar disorder, two of the most common mental health disorders affecting 100.000 ⁽¹⁾ and 330.000 ⁽²⁾ people in Greece respectively. Neuraxpharm will ensure the continuity of the supply of Lazap^® to the Greek patients.

This agreement will further expand Neuraxpharm’s presence in Greece and will leverage its CNS expertise to provide CNS patients, physicians, pharmacists and hospitals throughout Greece with access to suitable products from our extensive portfolio thereby catering to the needs of patients in the country.

Brain Therapeutics/Neuraxpharm Greece’s established portfolio of proprietary CNS products in Greece comprise both branded prescription medicines and Consumer Healthcare products. Brain Therapeutics/Neuraxpharm Greece’s specializes in in-licensing and commercialization of approved products in the therapeutic areas of psychiatry, neurology, anesthesiology/pain and rare (orphan) diseases, dedicated to bringing innovative CNS products to market and providing real value to patients and healthcare professionals.

Lead products include the branded Buccolam^® (midazolam) for treatment of prolonged, acute, convulsive seizures in infants, toddlers, children and adolescents. The leading Consumer Healthcare brands are Vivimind^® and Vivinor^®, food supplements tailored to various CNS disorders.

Commenting on the acquisition, Dr. Jörg-Thomas Dierks, CEO of Neuraxpharm, said: “This acquisition represents an excellent opportunity to further consolidate our Greek presence and expand our product portfolio in Greece. The established brand with its large geographic presence in Greece is well aligned with Neuraxpharm’s strategy to offer a broad range of therapeutic options and to become the truly leading CNS pharmaceutical playerin Europe.”

“Lazap’s acquisition will strengthen our portfolio to psychiatrists and will perfectly fit with our future introductions in order to become a leading CNS player in Greece” comments Brain Therapeutics/Neuraxpharm Greece’s Country Manager, George Pavlakis.

Acquired by Neuraxpharm in March 2022, Brain Therapeutics/Neuraxpharm Greece has been building its position as a CNS specialist offering branded medicines and nutraceuticals in the country.

The terms of the transaction were not disclosed.

Reference

⁽¹⁾ Source: National Institute of Mental Health (NIMH)

⁽²⁾ Source: National Institute of Mental Health (NIMH)