Inhaled drug developer Prosonix will be acquired by Circassia Pharmaceuticals for a total of £100 million in cash, the company said. Of that total, £70 million will be paid up front, with an additional £30 million “on the achievement of a near term milestone.”
In September 2014, Prosonix submitted an MAA for its PSX1001 generic fluticasone propionate MDI to the EMA. PSX1001 and PSX1050, a fluticasone propionate MDI with a dose counter, were licensed to Mylan in April 2014.
Prosonix CEO David Hipkiss commented, “Today’s announcement highlights the significant progress that Prosonix has made in recent years and provides a strong platform to deliver the potential value of our existing and future pipeline of respiratory medicines developed using our unique particle engineering technology. I would like to express my sincere gratitude to all Prosonix employees, investors, and collaborators whose collective efforts have made this transaction possible. I am confident that the acquired products, technology, and our ‘Respiratory Medicine by Design’ philosophy will become an important part of Circassia Pharmaceuticals, they representing a perfect home for the enablement and development of a range of successful new treatments for patients.”
According to reports, Circassia will also acquire Swedish asthma diagnostic maker Aerocrine for £139 million.
Read the Prosonix press release.
