NitroMed

Following several failed attempts by original management to commercialize BiDil® for the treatment of heart failure in black patients, Deerfield purchased 100% of the equity of NitroMed in April of 2009. During the initial year, we relocated the headquarters and improved profitability of the base business by reducing costs. While lack of promotion through the remainder of 2009 led to a gentle decline in sales, the improved profitability substantially de-risked the purchase and validated the return proposition.