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Santarus, Inc. (NASDAQ:SNTS)

Business Update Conference Call

December 22, 2011 10:00 am ET

Executives

Martha Hough - VP, Finance and IR

Gerry Proehl - Director, President & CEO

Mike Step - SVP, Corporate Development

Bill Denby - SVP, Commercial Operations

Debbie Crawford - SVP, CFO, Treasurer and Secretary

Analysts

Frank Pinkerton - SunTrust

Scott Henry - ROTH Capital

Traver Davis - Piper Jaffray

Seth Hamot - RRH Capital Management Inc.

Operator

Welcome to the Santarus business update conference call. At this time, all participants are in a listen-only mode. Following management’s prepared remarks, we will hold a Q&A session. (Operator Instructions). As a reminder, this conference is being recorded December 22, 2011. I would now like to turn the conference over to Martha Hough, please go ahead.

Martha Hough

Thank you, Christie. This is Martha Hough, Vice President of Finance and Investor Relations. Thank you for participating in today’s call. Joining me on the call today are Gerry Proehl, President and Chief Executive Officer and Mike Step, Senior Vice President, Corporate Development; Bill Denby, Senior Vice President, Commercial Operations; and Debbie Crawford, Senior Vice President and Chief Financial Officer will join us for today’s question-and-answer.

Yesterday after the close of the market, Santarus issued a press release announcing an exclusive licenses agreement for FENOGLIDE and introducing our 2012 financial outlook.

The press release is available on our website at www.santarus.com. A replay of this call also will be available on our website and can be found in the Investor Relations section for the next two weeks.

Please keep in mind that risks and uncertainties involved in the company’s business may affect the matters referred to in the forward-looking statements made by management during today’s call. As a result, the company’s performance may differ from those expressed in or indicated by such forward-looking statements which are qualified in their entirety by the cautionary statements contained in the press release and the company’s Securities and Exchange Commission filings.

The content of this conference call contains time-sensitive information that is accurate only as of the day of this live broadcast, December 22, 2011. Santarus undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call.

I’ll now turn the call over to Gerry Proehl.

Gerry Proehl

Thank you, Martha, and my thanks to everyone for joining us this morning. I am pleased to announce our exclusive licensing of FENOGLIDE tablets for the US market. This agreement adds a fourth commercial product to grow our revenues and support our objective of using our cash to diversify our product offering. FENOGLIDE fits well with our type II diabetes franchise, is an FDA approved fenofibrate drug used as an adjunct to diet to treat high cholesterol which is a frequent co-morbid conditions in patients with type II diabetes.

Our analysis is in the case, there is a significant overlap between the physicians who are prescriptions with FENOGLIDE and the physicians we call on for GLUMETZA and CYCLOSET which will allow us to further leverage our sales force. Additionally an assessment of the past sales of FENOGLIDE indicate that it’s a promotionally sensitive product. We've already assumed distribution for FENOGLIDE. We are currently in the process of implementing our previously announced sales force expansion and our full deal sales force of about 150 reps will begin promoting FENOGLIDE in the first quarter of 2012. I will now ask Mike Step to provide some background on FENOGLIDE and our licensing agreement. Mike?

Mike Step

Thanks Gerry. I am happy to be speaking to you this morning about what we expect to be an attractive commercial asset for Santarus. FENOGLIDE as indicated has an adjunct to diet to reduce elevated LDLC, total cholesterol, triglycerides and apolipoprotein. It’s also FDA approved to increase HDLC in adult patients with primary hyperlipidemia or mixed dyslipidemia. By way of background FENOGLIDE was developed by LifeCycle Pharma of Denmark which is now known as Veloxis Pharmaceuticals and was approved by the FDA in August of 2007.

In 2007 LifeCycle licensed the North American rights to FENOGLIDE to Sciele Pharma and in February of 2008 Sciele launched the product in the United States. In August of 2008 LifeCycle sold the North American royalty interest for FENOGLIDE to Cowen Healthcare Royalty Partners. After Shionogi Pharma acquired Sciele they continued to promote FENOGLIDE until August of 2010 at which time their license agreement was terminated and North American rights to FENOGLIDE were returned to Cowen Healthcare Royalty Partners. According to IMS Health peak sales of FENOGLIDE were approximately $23 million for the 12 months ended August 31, 2010 when Shionogi ended its promotion of the product.

Cowen Healthcare Royalty partners subsequently formed Shore Therapeutics as an operating company to commercialize FENOGLIDE through a small part-time contract sales force while seeking a new partner. For the 12 months ended October 31st, 2011 IMF Health reported total FENOGLIDE sales of $8.7 million. With regards to our transaction we have entered into an exclusive license agreement with Shore Therapeutics to commercialize FENOGLIDE tablets in the United States in two dosage strengths, a 40mg and a 120 mg.

Under the terms of the agreement Santarus is responsible for all commercial manufacturing and regulatory activities for FENOGLIDE. We will pay Shore an $11 million upfront fee and we will also pay Shore tiered royalties on net sales of FENOGLIDE as follows, a 5% royalty on net sales up to $10 million beginning in 2013, a 20% on net sales between $10 million and $20 million and 25% on net sales above $20 million. We are obligated to pay Shore a one-time success-based milestones of $2 million if a calendar year net sales exceed, or equal to or exceed $20 million and $3 million if calendar year net sales equal or exceed $30 million. The license agreement will remain in effect until Santarus ceases to commercialize FENOGLIDE in United States subject to the termination provisions that are outlined in the 8-K that Santarus filed yesterday with the Securities and Exchange Commission. I will now turn it back to Gerry.

Gerry Proehl

Thanks Mike. We believe that the sales detail for FENOGLIDE will be relatively straight forward and this product will be a good dip with our two commercial products for Type II diabetes. We’ve started a number of activities to support the commercialization of FENOGLIDE when our sales organization begins promotion in the first quarter of 2012.

As a brief update on our currently promoted commercial products, we are very pleased with recent prescription trends for GLUMETZA following the introduction of our eVoucher program which is an Electronic Voucher Program that automatically reduces the patients’ pharmacy co-pay to $10.

The current four-week average for GLUMETZA total prescriptions are up approximately 12% and new prescriptions are up about 14% compared with the four-week average just prior to initiation of the eVoucher Program in mid-September. Based on our early success with GLUMETZA, we plan to evaluate an eVoucher program for FENOGLIDE.

CYCLOSET prescriptions continued on an upward trend as well and the number of physician prescribers is growing, which we attribute to increase sales call frequency in our physician education program.

Now turning to our financial outlook, we are affirming our 2011 financial guidance as discussed in our November 7, 2011 third quarter financial results conference call. For 2011, we expect to report total revenues of at least $115 million. License fees and royalties of approximately $18 million, which include royalties payable to Depomed, on net sales of GLUMETZA.

R&D expenses of approximately $19 million to $21 million, which includes our ongoing clinical development cost and approximate $2 million filing fee in December 2011 for the UCERIS NDA and the fourth quarter startup costs associated with the UCERIS Phase IIIb clinical study.

SG&A expenses of up to approximately $68 million and net income of approximately $3 million.

Today, we are also introducing our 2012 full year financial outlook as follows. Total revenues of approximately $200 million, an increase of approximately 74% over expected 2011 total revenues.

Our 2012, financial outlook assumes two success-based milestones for pipeline products. Upon the FDA acceptance for review of the NDA for UCERIS tablets $4 million is payable to Cosmo Technologies. This milestone is payable in cash or Santarus common stock, at Cosmo’s option. And upon successful completion of the ongoing Phase III clinical study for RHUCIN in hereditary angioedema, $10 million is payable to Pharming Group.

R&D expenses of approximately $30 million to $32 million, of which approximately half will be for expenses associated with the UCERIS Phase IIIb clinical study. We expect to complete enrollment in the UCERIS Phase IIIb clinical study in the first half of 2013.

For the full 2012 year, we expect to report net income of approximately $8 million to $11 million including financial impact of the above mentioned success-based milestones.

Commencing with 2012, we also are providing additional non-GAAP financial guidance or adjusted EBITDA of approximately $20 million to $25 million. We are also pleased to report that the NDA for UCERIS has been submitted to the FDA. I would like to express my appreciation to many colleagues at Santarus who worked so hard to achieve this significant milestone.

Next year, we will be taking multiple actions to prepare for the commercial launch of UCERIS in early 2013, assuming FDA approval on the predicted date. Finally, we will continue to explore opportunities to add marketed products to our commercial portfolio to increase revenue and profit.

Operator, we would now like to open up to questions.

Question-and-Answer Session

Operator

(Operator Instructions) And your first question comes from the line of Frank Pinkerton of SunTrust.

Frank Pinkerton - SunTrust

And the first one, can you give us any details with the magnitude or effort that Sciele had put on FENOGLIDE when it had sales you know up in that $23 million range? And then secondarily, can you speak to, is 150 sales reps the right number; I know there is doctor overlap, but even with that do you need a certain number of P1 calls versus lower position ranked calls in order to move the needle for both GLUMETZA and the new product at the same time? Thank you.

Bill Denby

Hi, this is Bill Denby. I think Sciele had about 400 sales reps promoting FENOGLIDE at the time in 2008. However, they were promoting multiple products, so we’re not sure exactly how much effort ended up being put on FENOGLIDE.

With us, we think 150 reps is appropriate and we have a very good overlap with the doctors that write this drug and when appropriate, we will initiate P1 details for the doctors that write FENOGLIDE. So, we think that we’ve got the right plan for the product; we’re looking at the eVoucher in order to bring cost down at the co-pay level for patients to give them better access to this drug. We expect to stabilize the brand and return back to growth.

Gerry Proehl

Yeah Frank, this is Gerry, also one of the things we looked at when we were evaluating FENOGLIDE was the amount of detailed effort in both amount of time with the doctor in order to drive prescriptions. We actually think FENOGLIDE in many ways is similar to GLUMETZA. It’s a fairly simple story, most doctors understand what Fenofibrate actually do for patients and really what you are trying to do is just differentiate the products from the other set of Fibrates. We don’t think that’s going to take a significant amount of time and that’s why we believe having a third product detail like FENOGLIDE will be something that’s reps should be able to do along with GLUMETZA and CYCLOSET.

Frank Pinkerton - SunTrust

If I can just then ask a follow-up on the 2012 guidance in kind of two areas there; the R&D was a little higher than the one I had in my model. So can you please, outside of the UCERIS study that you mentioned, can you talk about some of the other major drivers of that R&D expense next year? And then you, Bill there you made a brief comment about if UCERIS is approved, starting some expenses there. Can you just -- maybe just give us a little more detail on what is included in your current 2012 guidance if UCERIS does get approval towards the launch? Thank you.

Debbie Crawford

Hi Frank its Debbie Crawford here. In terms of the R&D expense guidance, I think it is important focus on UCERIS, because we’ve estimated about half of that $30 million to $30 million is related to the Phase IIIb study that we will be initiating early next year. And so I think it’s important to appreciate that we haven’t had significant expenses in the R&D line with regards to the Phase III studies because those have been substantially completed. So, when we look at the 2011 runrate, you know, you don’t have the same level of effort going towards the program. So, in addition to the UCERIS IIIb study, we have our ongoing efforts associated with rifamyacin SV MMX which we are in a Phase III study for travelers’ diarrhea, anticipate completing that in the second half of next year, and then general ongoing activities which are not hugely significant but SAN-300 has some expenditures. And then you just have the general staffing resources, overhead associated with R&D.

So, really the incremental expense is associated with the IIIb study and I think the way we thought about our R&D spend, we really are thinking about it in terms of percentage of our revenue. So, if you look at it on that basis, it’s really fairly consistent with where we are, where we expect to be in 2011.

So, I hope that provides some help. In terms of the efforts associated with pre-launch activities, that’s something that will manage as we move through the year, to the extent that we’re able to obtain approval on the [produfadate], then we would likely incur more expenses, but inherent in our guidance right now is really the typical types of pre-launch activities and wouldn’t call that out separately in terms of a significant number in our SG&A.

Operator

Your next question comes from the line of Scott Henry of ROTH Capital.

Scott Henry - ROTH Capital

I guess just, before moving on, with regards to UCERIS in 2012, does your $200 million revenue number include any sales for that product?

Debbie Crawford

No, it does not Scott.

Scott Henry - ROTH Capital

So shifting gears to FENOGLIDE, I guess I don’t know, it maybe a question for Gerry, you know when you look at the product and you look at some of you know the specific leverage that you can pull to you know get it back moving towards the $20 million revenue run rate. You know what kind of leverage are out there, has this product ever been couponed before, using perhaps to, how is it priced relative to the comps and specifically what is kind of the AWP on this product? How do you think about what levers you can do to get this or can pull to get this product moving?

Gerry Proehl

Scott I’ll just, the first part of that and then I think Bill and Mike can probably jump in to it. I would say that the number one lever that we can pull with this product is going to be sales force detailing. We really believe that this is an extremely detail-sensitive product. In many respects, you know when we looked at what happened with GLUMETZA when the details were pulled on that product. We saw a pretty significant decline and then maybe a slight (inaudible) with that product once Depomed put a little bit of effort behind it. In the case with this particular market, it’s obviously also a very large market. These products are I would say slightly differentiated, they are clearly not highly differentiated product. And in the slightly differentiated product market place, it really comes down to the sales rep selling the doctor and why they’ve reduced FENOGLIDE versus one of the other fenofibrate products.

We think we are very good at that. You know we’ve had products like ZEGERID and like GLUMETZA that aren't highly differentiated products and our reps are very good at detailing the doctor and getting the doctor to understand the differentiation in why they should use our products. So with that I am going to turn it over Mike and Bill. They can talk about the pricing relative to the other fenofibrates and maybe Bill can make a comment about eVoucher that we are evaluating.

Bill Denby

Thanks Gerry, this is Bill. First of all FENOGLIDE, you can use less of this to get the same result from an efficacy standpoint, that's number one. Number two, if we go forward with eVoucher, none of the large brands can market the product because they don't use the eVoucher on those large brands for a $10 or $20 co-pay whatever we decide to go forward with, with the eVoucher. So we think those are the key levers. We will be able to make this product affordable to the commercial patients and frankly they can use less of this product to get the same result from an efficacy standpoint. Those are pretty simple messages to get across. We think it won't take a lot of time to get those across and we expect to with some promotion and some of them P1 details to leverage this product to get back to growth. In terms of the VAT pricing, the VAT pricing on FENOGLIDE is competitive at $6 per tablet at 120 and $2.02 for the 40 milligram.

Scott Henry - ROTH Capital

And should we assume that the gross margin on products like this would be kind of 90%, 90% plus.

Debbie Crawford

I think generally Scott it’s a small product and so you have to consider there are some fixed costs associated with it. So you know that's probably a little high, but certainly an attractive gross margin.

Scott Henry - ROTH Capital

While still on FENOGLIDE, when we think about the IP and the generic pathway I know you’ve settled with lot of company and I believe October 2015, are there any other challengers out there, how should we think about in the duration of this asset?

Gerry Proehl

I think the way to think about it is that right now, Impax is the first filer, that’s what the settlement is, they will basically be the company at this time I think that would be the, highly likely they would be the first to launch and so I think they really set the day for us of October 2015.

Scott Henry - ROTH Capital

Okay so they are the first filer on both dose strength?

Gerry Proehl

Yes.

Scott Henry - ROTH Capital

Okay right that was helpful. Finally just on the guidance really I guess for 2012, can you comment at all on SG&A I mean I guess we could probably just back it out, but I don’t know if there is any kind of broad statements you would make on that line and particularly what is the incremental spend for FENOGLIDE, I mean the samples I guess there are no new reps out there.

Gerry Proehl

Yeah so in terms of SG&A Scott, I think probably the most significant change year-over-year is our expansion of the sales force and I think we have talked before that it is kind of a fully burdened cost to rep, that is in the neighborhood of $10 million for that expansion effort, certainly there will be some incremental costs associated with FENOGLIDE, but I think as we’ve discussed, that’s what makes it so attractive as we don’t see that being a huge incremental expense and given the investment we are making in the expansion, we certainly expect to see some nice results.

Scott Henry - ROTH Capital

And then tax rates for 2012 issue, did you start paying modest taxes and I guess, even if you could just make a longer statement, when should we see kind of a more traditional tax rate, a lot of tax loss carry forwards on that.

Debbie Crawford

Yeah we have substantial tax cash carry forwards, you are right Scott. And we’ve not provided guidance as to when we might fully utilize those, but we have about $170 million of NOLs outstanding at the end of 2010. In terms of a tax rate for 2012, we really anticipate being able to utilize those NOLs, so the rate itself, I don’t think it’s terribly meaningful, it’s really reflective of minimum taxes and some state situation. So we did in our adjusted EBITDA reconciliations provide an estimate of about $1 million for that.

Scott Henry - ROTH Capital

Okay, and a final question for Gerry. Now that you’ve bought FENOGLIDE, kind of what is your appetite for other assets sir, are you full or are you still continuing to look aggressively?

Gerry Proehl

Yes, Scott. This is Gerry. I think, you know, we’re continuing to aggressively look at opportunities to grow the business. We certainly, what we’ve seen each time we’ve added products, it helps us drive not only topline revenue, but drives bottomlime also and so we really believe in the specialty pharmaceutical market place that further consolidation is likely to take place.

We think we are in very good position with the products we have, both on the markets and in development. So I would say, Mike Step and his group are continuing to look for acquisitions that would make good sense for the company.

Operator

Your next question comes from the line of David Amsellem of Piper Jaffray.

Traver Davis - Piper Jaffray

Hi, this is Traver Davis on for David Amsellem, thanks for taking the question. So just turning to UCERIS and I guess expected to 2013 launch. So how should we be thinking about the launch in terms of ramp and timing and other launch related metrics and also what are your ideas for early strategies for marketing department? Thanks.

Gerry Proehl

Hey, this is Gerry, Traver. What I would say is you know we’re beginning to do the work right now in 2011 and 2012 to prepare the marketplace for UCERIS. We were just at Crohn's & Colitis Foundation meeting where most of the ulcerative that are there are enteritis of inflammatory bowel disease including UC and Crohn’s. We had symposia there. We had very good attendance at the symposia and the speakers really talked about the need for a product like UCERIS.

Clearly, many patients are being treated with 5-ASAs, but they are continuing to frail and they might frail two or three minutes during the year. Their only options right now are to go to a systematic steroid or immune suppressor product like Azothiopurine or 6-Murcaptopurine. Those products have some pretty nasty side effects, both physical side effects for patients, but also physiological side effects. When they looked at the profile of UCERIS both the efficacy and also the side effects profile, I think they really see a neat profile like this and where they would set it.

And so it’s pretty clear that most of the gastroenterology trials is kind where this product would fit in their armamentarium. We believe that there is a real need for the product. We’ll continue to do the education throughout 2012 in order to make sure that all the clinical data is out there. And then as we talked about the Phase IIIb study will give more gastroenterologists an opportunity to actually use the product in some of their UC patients to see how it actually works when you use it on top of a 5-ASA. So that as we’re launching the products, we will continue to be able to provide additional clinical data at the GI Medical Meetings in order to keep UCERIS top of mind for most physicians.

Traver Davis - Piper Jaffray

And also any early ideas for marketing efforts for the product or you know are you kind of still evaluating what may work; would it be similar to how you promote your current products portfolio with eVoucher program and things like that or how should we be thinking about that?

Gerry Proehl

You know I think that we’re still doing some work on exactly how to go forward with launching the products and I think a lot of that will depend on what's happening in the marketplace. I do think the ulcerative colitis marketplace is quite different than some of the marketplaces like diabetes or even cholesterol or an agent. It’s a much more serious disease. These patients have in the hospital; they end up with colon resected. I think price is less of an issue; it’s a less price sensitive marketplace than it is in some of the diabetes and cholesterol areas. So we will evaluate whether that would make sense to do any type of eVoucher program.

We are excited about the product opportunity, obviously the target audience is slightly different from who we’re calling on. So we would be calling on gastroenterologists. It requires about 80 rep equivalents. Now as we move throughout 2012 for making evaluations of how well we’re doing with GLUMETZA, CYCLOSET and now FENOGLIDE and at the end of 2012 obviously with approval of UCERIS we’ll make a decision whether or not we’ll add a full 80 reps to gastroenterologists or something slightly less and that’s an evaluation that we seem to be doing throughout 2012.

Traver Davis - Piper Jaffray

And just one follow-up because you mentioned pricing; so any early ideas and how we should be thinking about pricing and do you think it’s going to be inline with pricing for [Adancor] or kind of go in a different way with that? Thanks.

Gerry Proehl

I would say at this point we’ll go out and do pricing research to make sure that we’re pricing appropriately, but for modeling purposes and using an Adancor type of price now, so you’re aware, we’ll have one tablet that would be a 9 milligram tablet and Adancor has 3 milligram so use three 3 milligram tablets. So if you use Adancor daily price that probably pretty good for your modeling.

Operator

Your next question comes from the line of [Yelena Alfengen of Stifel Nicolaus].

Unidentified Analyst

My first question is regarding FENOGLIDE; how soon do you think you could get to that previous $23 million peak and may be could you talk about what were some of the reasons responsible for the decline from that peak; was it primarily reduced promotion or were there any additional competitors entering and how does the competitive landscape look like for that product?

Gerry Proehl

Yeah this is Gerry; just to address your question and then I’ll turn it over to Bill. I think when we looked at this product it was pretty clear that throughout the transition of Sciele actually starting to be acquired by Shionogi and then Shionogi certainly reducing their promotion and ultimately not stopping promoting the product. This product hasn’t seen significant promotion for quite some time.

And I think that’s the main reason for the reduction in the overall sales for product is that there is nobody out there promoting the product. And in the marketplace where there is not a lot of differentiation as you might expect, doctors are going to move to other products.

So I think we certainly expect to start to see this coming back. It’s going to take a little bit of time to stop to decline. But we think we will be able to do that and then into 2012, begin to start to drive the prescriptions of the product. I can’t give you specific guidance on when we think we can get back to the course of the $20 million that will really depend on how well we do throughout 2012 and ’13.

Now Bill, any other comments?

Bill Denby

Just on the competition, the major players in this market are TriCor and Trilipix marketed by Abbott and then there are cluster of smaller brands, Triglide and [Teralifothine] and FIBRICOR. Overtime, promotion likely has gone down since this category has matured. So we think we have a good chance to return this product to growth and get back to that $23 million and perhaps even beyond. But that remains to be seen. So, just a little bit of extra color there.

Unidentified Analyst

And are you potentially considering any price increases similar to the GLUMETZA strategy maybe to offset some of the eVoucher impact?

Bill Denby

Well, as we go forward, we would be considering price increases given the market dynamics at the time.

Unidentified Analyst

And then GLUMETZA, you have mentioned that you are happy with the progress there from the volume growth perspective. I am wondering, could you maybe provide some color on how the price increases were perceived by the payers and physicians and should we expect significant pull-through over the price increases in 2012 despite some offset from the eVoucher?

Bill Denby

We haven’t seen any negative effect relative to price increases that we’ve taken and eVoucher provided tremendous lift. I think most notably NRx are growing faster than TRx which is a key indicator for enduring growth. And I think those are the key points to takeaway on.

Unidentified Analyst

Would you then expect GLUMETZA to be the main growth driver for that strong guidance for 2012?

Bill Denby

It’s definitely significant.

Unidentified Analyst

And then the last one is on ZEGERID; just maybe a little bit of details there on how does ZEGERID look and any impact, potential impact from the lawsuit against Zydus Pharma?

Gerry Proehl

Yeah, so this is Jerry. You know obviously we’re waiting for the Appellate Court decision. And at this point in time, we have filed [patent suit] against Zydus and we don’t think that there will be any impact at all until we hear certainly from the Appellate Court. If the Appellate Court upholds the lower court decision that means that our patents are invalid. We would be required to take those patents out of the orange book and then Zydus would be approved in their normal cycle. I think the average for our second or third and the final is about 30-months right now. Certainly, if the Appellate Court either reverses and remands the decision back to a lower court or outright reverses the decision that means our patents are valid until 2016, July of 2016 which means that we would either enter into some of type of a settlement agreement with Zydus or we would go through litigation with them.

Operator

(Operator Instructions) Your next question comes from the line of Seth Hamot of RRH.

Seth Hamot - RRH Capital Management Inc.

With the $200 million revenue forecast for 2012 can you break that up into any specific drugs; you know what are you thinking about for CYCLOSET and GLUMETZA on that?

Debbie Crawford

Hi there Seth, it’s Debbie. At this time, we’re not providing specific product guidance, but I think as the discussion it was mentioned earlier we do see GLUMETZA being our most significant product and driving most of that growth in 2012. I think with respect to CYCLOSET we are pleased to be seeing some growth in the product, but that will continue we think to be on an incremental basis. So hopefully that's helpful for you.

Operator

There are no further questions at this time. Please proceed with your presentation or any closing remarks.

Gerry Proehl

Great. Well, I would like to thank you for taking interest in Santarus and for joining us on today’s call. If you do have any further questions, please feel free to contact Debbie Crawford, Martha Hough or myself. Take care. Have a nice Holiday.

Bill Denby

Happy Holidays everybody.

Operator

Ladies and gentlemen that concludes your conference call for today. We thank you for your participation and ask that you please disconnect your lines.

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