Actelion to reinforce portfolio with acquisition

Through a US subsidiary, Switzerland-based Actelion (SIX: ATLN), Europe’s largest biotech firm, has entered into an accord to acquire privately-held US company Ceptaris Therapeutics, in a bid to replace its top-selling pulmonary arterial hypertension (PAH) drug Tracleer (bosentan), which accounts for nearly 90% of the Swiss firm’s sales and generated first-half 2013 revenues of 767 million Swiss francs ($825.3 million).

Under the terms of the deal, Actelion has paid Ceptaris $25 million on signing and will pay the US firm’s shareholders $225 million on closing of the transaction. Ceptaris' shareholders are also eligible to receive additional payments based on net sales of Valchlor and/or the achievement of certain commercial milestones.

Under the terms of the deal, the merger is contingent on certain closing conditions, including US Food and Drug Administration approval of Ceptaris' product Valchlor (chlormethine), which would be the first and only FDA-approved topical formulation of mechlorethamine for the treatment of early-stage mycosis fungoides-type cutaneous T-cell lymphoma. Valchlor has a Prescription Drug User Fee Act (PDUFA) date of August 27, 2013.