Jazz Pharma to acquire EUSA Pharma for up to $700 million
US drugmaker Jazz Pharmaceuticals (Nasdaq: JAZZ) said last week that it has signed a definitive accord to acquire privately-held, UK-headquartered EUSA Pharma for $650 million in cash and a potential $50 million milestone.
The latter will be payable in cash based upon its lead product, Erwinaze (asparaginase Erwinia chrysanthemi), achieving a specified US net sales target in 2013. The orphan drug gained regulatory approval in the USA last year for the treatment of acute lymphoblastic leukemia (ALL) in patients with hypersensitivity to E. coli-derived asparaginase (The Pharma Letter November 22, 2011). Shares of Jazz Pharmaceuticals jumped 11.2% to $50.25 on the news.
Founded in 2006, EUSA has a portfolio of 10 oncology, critical-care and oncology supportive care products currently marketed directly in the USA and Europe and via distributors in other countries.
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