Marlborough Pharma Firm Acquired
Marlborough-based drug manufacturer Acton Pharmaceuticals is being acquired by a Swedish company in an all-cash transaction that could approach $200 million.
Acton, which makes drugs for respiratory ailments, said today the deal with Meda AB is subject to customary regulatory approvals and standard closing provisions.
Under the terms of the agreement, Meda will acquire all of Acton’s shares for $135 million, plus $10 million in a contingent, near-term development milestone. Acton will also receive certain sales-based milestones, which may bring the total potential acquisition value up to $200 million.
Acton is focused on the development of respiratory medicine and recently received U.S. Food and Drug Administration approval for Aerospan (also known as flunisolide) for the treatment of asthma.
Acton was founded in March 2008 by CEO John Simon, and the company’s president and chief operating officer, Daniel Kreisler.
"Through this transaction … Aerospan will now be commercialized by a company with one of the leading respiratory-focused sales forces in the U.S.,” Kreisler said in a statement distributed by his company. “We strongly believe this will accelerate the prescribing of this unique inhaled steroid product so we can achieve our goal of making Aerospan one of the leading therapies in the $2 billion U.S. inhaled steroid market.”
Simon added: “Meda’s experience marketing respiratory products combined with their significant track record of success makes them extremely well-suited to launch Aerospan to respiratory and pediatric physicians in the U.S.”
(Image credit: freedigitalphotos.net)
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