Meda to acquire asthma play Acton
Meda AB (SSE:MEDA) will acquire asthma play Acton Pharmaceuticals Inc. (Marlborough, Mass.) for $135 million in cash plus a $10 million undisclosed near-term development milestone. Acton is also eligible for sales-based milestones that the company said may bring the total deal value up to $200 million. The deal is slated to close next quarter. Meda will gain Acton's Aerospan flunisolide, which is approved in the U.S. as maintenance treatment for asthma in patients at least six years of age. Meda said it plans to launch the hydrofluoroalkane (HFA)-propelled inhaled formulation of flunisolide in the U.S. early next year. Barclays is advising Acton.
FDA originally approved an NDA from Forest Laboratories Inc. (NYSE:FRX) for Aerospan in 2006, but the product was never launched. Acton, which acquired rights to the product from Forest in 2009, said Forest could not meet FDA's specifications for impurities levels formed by the formulation reacting with the lining of the aluminum aerosol can. Acton subsequently corrected the issue and FDA approved an sNDA from Acton in September 2012 (see BioCentury Extra, Jan. 6, 2010). ...