Takeda Pharmaceutical Company Limited and its wholly owned subsidiary, Takeda Pharmaceuticals USA, jointly announced that the acquisition of URL Pharma for an upfront payment of $800 million has been completed. The deal also includes an agreement for future performance-based payments.

Takeda will immediately assume responsibility for the marketing and promotion of Colcrys (colchicine), URL Pharma’s leading product, which is used for the treatment and prevention of flares associated with gout. The addition of Colcrys to the company’s portfolio complements Takeda’s position in the gout marketplace with Uloric (febuxostat), used to lower blood uric acid levels in adults with gout. Douglas Cole, president of Takeda Pharmaceuticals USA said in the press release, “This commitment allows us to broaden our focus for patients by providing multiple therapeutic offerings for gout, which affects more than eight million Americans.”

The company expects that the acquisition will result in an immediate increase in revenue with estimated fiscal year 2012 net sales of more than $550 million and also expects continued growth of Colcrys sales throughout the product’s lifecycle.