Horizon buys out Raptor for $800 million
pharmafile | September 13, 2016 | News story | Manufacturing and Production, Sales and Marketing | Horizon Pharma, Raptor Pharmaceutical, acquisition
Irish biopharmaceutical firm Horizon Pharma has finalised an $800 million deal to buy Raptor Pharmaceutical Corp in a bid to widen its portfolio to include rare disease treatment.
Horizon is set to pay $9 a share in cash, a 21% premium on Raptor’s Friday closing price of $7.45 and will fund the purchase through $675 million of debt plus cash on hand. The transaction is expected to close in the final quarter of 2016.
As part of the deal, Horizon acquires a number of Raptor’s therapeutics for the treatment of rare, debilitating and often fatal diseases including Procysbi – a delayed-release capsule for the treatment of nephropathic (kidney) cystinosis – and Quinsair, a Europe and Canada-licensed product for the management of chronic pulmonary infections due to pseudomonas aeruginosa in adult patients with cystic fibrosis.
The agreement will also diversify the Dublin-based company’s revenue with 11 medicines across orphan, rheumatology and primary care units while boosting its revenue, which in the first half of 2016 was 45% of its total revenue.
“The proposed acquisition of Raptor furthers our commitment to helping people with rare diseases and is a significant step in advancing our strategy to expand our rare disease business,” said Timothy Walbert, chairman, president and CEO at Horizon. “Along with the potential for accelerated revenue growth, the addition of Raptor strengthens our US orphan business and provides a platform to expand our orphan business in Europe and other key international markets.”
Matt Fellows
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