Anika buys Fidia Advanced Biopolymers; Arcion/Anesiva merger scrapped

USA-based Anika Theraeutics announced on December 31 that it has acquired Fidia Advanced Biopolymers, a wholly-owned subsidiary of privately-held Italian drugmaker Fidia Farmaceutici SpA.

Under the terms of the deal, Anika purchased FAB for $17.1 million in cash and 1,981,192 shares of its common stock. FAB recorded product revenue of approximately $11.1 million in the 12 months ended September 30, 2009. The US firm expects that the acquisition to be accretive to earnings in the second year of combined operations.

FAB provides hyaluronic acid-based products in several therapeutic areas including for the regeneration of connective and structural tissues damaged by injuries, aging or degenerative diseases. The company also said that it will develop its own direct US sales capability to capture significantly higher margins from the domestic sales of Monovisc, its single-injection osteoarthritis treatment. Direct commercialization activities will also include the portfolio of FAB orthopedic products once approvals are achieved in the USA.