Circassia plans to acquire Prosonix and Aerocrine

Oxford, UK-based clinical-stage firm Circassia Pharmaceuticals (CIR: FTSE Small cap) says that it intends to make an all cash offer to acquire Aerocrine, a Swedish listed company focused on the development and commercialization of medical diagnostic products for use in the diagnosis and management of patients with asthma, for a total consideration of up to 1.78 billion Swedish kronor (around $216 million or £139 million).

Circassia also announced its intention to acquire Prosonix, a privately-held UK specialty pharmaceutical company focused on the development of product candidates for the treatment of asthma and / or chronic obstructive pulmonary disease (COPD), for an aggregate cash consideration of up to £100 million ($154 million), of which £70 million is payable upfront on completion and £30 million on the achievement of a near term milestone.

Circassia has separately announced today that it proposes to raise £275 million, through a Placing and Open Offer.