Horizon Pharma to Acquire Raptor in Deal Valued at $800 Million
Horizon Pharma, a biopharmaceutical company based in Dublin, Ireland, has agreed to acquire Raptor Pharmaceutical, a Novato, California-based biopharmaceutical company, for $9.00 per share in cash, in a deal value of approximately $800 million.
The acquisition gives Horizon Pharma global rights to Raptor’s Procysbi (cysteamine bitartrate) delayed-release capsules and Quinsair (aerosolized form of levofloxacin). Procysbi is patent protected through 2034. It also diversifies Horizon Pharma’s revenues with 11 medicines across three business units: orphan, rheumatology, and primary care.
Procysbi is a cystine-depleting agent given every 12 hours that is approved in the US for nephropathic cystinosis (NC), a rare metabolic disorder, in adults and children 2 years of age and older. Procysbi received European Commission approval as an orphan medicinal product in September 2013 for the treatment of proven NC. Quinsair is approved in the European Union and Canada for the management of chronic pulmonary infections due to Pseudomonas aeruginosa in adult patients with cystic fibrosis.
The transaction, which has been unanimously approved by the boards of directors of both companies, is subject to the satisfaction of customary closing conditions and regulatory approvals, including antitrust approval in the US.The transaction is expected to close in the fourth quarter of 2016.
Source: Horizon Pharma