Prosonix, Circassia deal

Circassia will acquire Prosonix for L70 million ($106.9 million) in cash up front. Prosonix is also eligible to receive an additional L30 million ($45.8 million) in cash contingent upon U.K. approval of Prosonix’s fluticasone propionate ( PSX1001) to treat asthma.

PSX1001, a generic version of Flixotide/ Flovent from GlaxoSmithKline plc (LSE:GSK; NYSE:GSK, London, U.K.) in a pressurized metered dose inhaler (pMDI), is under review via the EU’s decentralized procedure, with the U.K. acting as the reference member state. Circassia said it expects a decision in 2H15 (see BioCentury, Sept. 14, 2014). ...