Ikaria Holdings to acquire Ikaria, INO

Ikaria Holdings (Clinton, N.J.), a newly formed investment company, will acquire Ikaria (Seattle, Wash.) and INO Therapeutics (Clinton, N.J.) in a stock and cash deal valued at $670 million. The Linde Group, which owns INO, will receive EUR 380 million ($500 million) in cash and a 17% equity stake in the combined company.

The deal will create a critical care medicine company with a specialty in therapeutic gases. INO markets INOmax nitric oxide for inhalation for the non-invasive treatment of hypoxemic respiratory failure associated with persistent pulmonary hypertension in infants. INO reported $160 million in 2006 revenues for INOmax, which is also in Phase III testing to treat or prevent chronic lung disease and stroke in premature infants. Ikaria's IK-1001 is in preclinical development for ischemic perfusion injury and hemorrhagic shock. The compound uses the company's hydrogen sulfide technology for inducing reversible metabolic hibernation *(See BioCentury, May 02, 2005). ...