Marlborough drug company Sepracor Inc. announced that it plans to buy Oryx Pharmaceuticals Inc. of Canada, an affiliate of the Arrow Group, for at least $50 million to expand its commercial operations into Canada.
Under the agreement, Oryx shareholders may also receive later payments of up to $20 million depending on the achievement of regulatory milestones.
Sepracor said it expects the transaction to close on June 1.
Sepracor also reached a settlement and license agreement with another Arrow Group subsidiary, Breath Ltd., allowing Breath to sell generic versions of some Sepracor products.
The drug company also released its financial results for the first quarter of 2008.
Profits fell 35 percent, to $12.2 million, compared with $18.8 million for the same period last year. Total revenues for the quarter were about $320.8 million, compared to $327.7 million in Q1 2007.
