United Therapeutics has signed an agreement to acquire specialty pharmaceutical firm SteadyMed in a deal worth $216m.
As per terms of the deal, United Therapeutics will acquire SteadyMed’s stock by paying $4.46 per share in cash.
The deal also includes payment of an additional $2.63 per share in cash based on the achievement of a milestone related to the commercialization of Trevyent, which is a development-stage drug-device combination product.
Trevyent is said to combine SteadyMed's two day, single use and disposable PatchPump technology with vasodilatory prostacyclin analogue treprostinil for the subcutaneous treatment of pulmonary arterial hypertension (PAH).
SteadyMed president and CEO Jonathan Rigby said: "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.”
SteadyMed is engaged in the development and commercialization of drug product candidates for the treatment of orphan and high-value diseases with unmet parenteral delivery needs.
The company entered into an exclusive license and supply agreement with Cardiome Pharma to exclusively commercialize Trevyent in Europe and the Middle East.
In March this year, Cardiome sublicensed its rights to Cipher Pharmaceuticals to market Trevyent in Canada.
Subject to customary closing conditions, the deal is expected to complete in the third quarter of this year.
United Therapeutics chairman and CEO Dr Martine Rothblatt said: "We are optimistic about acquiring SteadyMed and adding Trevyent to our pipeline of products to treat PAH.
"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."
United Therapeutics is a biotechnology firm involved in the development and commercialization of therapies to treat PAH and other orphan diseases.
Image: United Therapeutics has agreed to acquire SteadyMed. Photo: courtesy of adamr / FreeDigitalPhotos.net.