Mast Therapeutics to acquire Aires Pharma

USA-based Mast Therapeutics (NYSE MKT: MSTX) has entered into a definitive agreement to acquire privately-held clinical-stage firm Aires Pharmaceuticals in an all share transaction which is expected to close during this month.

Aires' lead product, AIR001, is an intermittently nebulized formulation of nitrite and has orphan drug status with the US Food and Drug Administration and the European Medicines Agency for the treatment of pulmonary arterial hypertension.

"The acquisition of Aires will enhance our pipeline with a Phase II asset with more than 120 human subject exposures and which is a strategic complement to our lead program, MST-188. With total consideration of approximately 6% of Mast equity, it represents excellent value for our stockholders," stated Brian Culley, chief executive of Mast Therapeutics.