United Therapeutics to acquire SteadyMed for $216 million
pharmafile | May 1, 2018 | News story | Manufacturing and Production, Sales and Marketing |Â Â SteadyMed, UnitedTherapeutics, acquisition, pharmaÂ
United Therapeutics is set to acquire speciality pharma firm SteadyMed after it emerged that the pair had signed a definitive merger agreement. The deal is penned for $4.46 per share in cash with an additional $2.63 per share in milestone payments related to the commercialisation of Trevyent. In total, including an overall $75 million in milestone payments, the deal is valued at $216 million.
SteadyMed specialises in the development and commercialisation of treatments for orphan and high-value diseases with unmet parenteral delivery needs. Trevyent, a focal point of the deal, is a developmental drug-device which combines the firm’s disposable PathPump technology with the vasodilatory prostacyclin analogue drug treprostinil, for the subcutaneous treatment of pulmonary arterial hypertension (PAH).
United Therapeutics, who itself focuses on the treatment of PAH and other orphan conditions, is likely to see a big boost to its own portfolio with the closure of the deal.
“We are optimistic about acquiring SteadyMed and adding Trevyent to our pipeline of products to treat PAH,” commented Dr Martine Rothblatt, Chairman and Chief Executive Officer of United Therapeutics. “We are especially impressed with SteadyMed’s management team and global supply chain. Trevyent fits in well with our mission, and we look forward to bringing the product to the maximum number of patients as soon as possible.”
Jonathan M N Rigby, President and Chief Executive Officer of SteadyMed, also added: “United Therapeutics has always been at the forefront of developing therapies to treat PAH, and we are delighted at the prospect of our companies coming together, as one, to continue that mission. “We believe that this proposed acquisition will help us realise our commitment to bring Trevyent to market to improve the lives of patients with PAH.”
Matt Fellows
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