Sunovion Pharmaceuticals Inc. of Marlborough has signed an agreement to acquire Elevation Pharmaceuticals Inc.
The privately-held Elevation is a San Diego biopharmaceutical company specializing in the development of new aerosol therapies for patients with respiratory diseases. The acquisition, announced Aug. 30, includes Elevation’s EP-101 bronchodilator that’s in clinical trials to treat patients with chronic obstructive pulmonary disease (COPD).
According Sunovion, the firm will make a payment of $100 million to the shareholders of Elevation and will make development milestone payments of up to $90 million for EP-101. Other parts of the deal include further milestone payments of up to $210 million after regulatory approval of the therapy and possible payments up to $30 million, the latter being contingent upon the development of additional new programs.
Hiroshi Nomura, vice chair of Sunovion, said the acquisition will strengthen and diversify the company’s respiratory pipeline and portfolio.
The boards of Sunovion and Elevation have approved the deal, but the Sunovion said acquisition is subject to customary closing conditions.
Image credit: FreeDigitalPhotos.net.
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