Meda announced it would purchase Acton Pharmaceuticals. Sweden-based pharmaceutical company Meda said it had agreed to buy Acton and its proprietary asthma inhaler treatment Aerospan for USD 135 million.The deal would be completed in the fourth quarter of 2013. Acton Pharmaceuticals is a Massachusetts-based development company that focuses on finding treatments for respiratory conditions.
The acquisition would be funded by Meda's existing credit facilities. Aside from the USD 135 million purchase price, the agreement also stipulated a USD 10 million milestone payment. Royalty-based milestones were also included in the deal.
Aerospan is targeted to be launched next year. Meda said the minimum target sales of the asthma treatment for the company would be SEK 2 billion in five years.
Meda Chief Executive Officer Anders Lönner said, "The acquisition of Acton is a unique opportunity to gain access to a newly registered product in the US market. Aerospan is within Meda's primary focus area - Respiratory and is based on a new technology. Paired with Dymista, this gives us a clear profile in our highest priority area as well as important marketing synergies. Aerospan will be launched in the US market in the beginning of next year and other major markets will follow."
Join the Conversation