Meda buys respiratory focused Acton for up to $200m
This article was originally published in Scrip
Swedish firm Meda has agreed to buy respiratory-focused Acton Pharmaceuticals of the US for up to $200m in an all cash transaction. The deal would bring Meda the US FDA-approved asthma treatment Aerospan (flunisolide), which privately-held Acton licensed from Forest Laboratories.
Under the agreement, Meda will acquire 100% of Acton's shares for $135m plus $10m in a contingent, near-term development milestone. Acton will also receive certain sales-based milestones, which could bring the total deal value up to $200m.
Aerospan, a HFA-propelled inhaled corticosteroid (ICS), is indicated for the maintenance treatment of asthma as prophylactic therapy in adult and pediatric patients six years of age and older. The inhaler has a built-in spacer device to assist in getting the medicine to the lungs. According to the companies, the value of the US single-entity ICS market is approaching $2bn with more than 12 million prescriptions written each year.
"Through this transaction with Meda, Aerospan will now be commercialized by a company with one of the leading respiratory focused sales forces in the US," said Daniel Kreisler, president and COO of Acton.
Acton, which was founded in 2008, licensed Aerospan from Forest in 2010 subsequent to a $15m series A round of financing led by Sequoia Capital (scripintelligence.com, 7 January 2010). The product received FDA approval in 2006.