Meda acquires US respiratory company

Swedish drugmaker Meda (STO:MEDAA) has signed an agreement to acquire the US development company Acton Pharmaceuticals, including the proprietary product Aerospan, an inhaler for the treatment of asthma that contains the active substance flunisolide.

Under the terms of the transaction, Meda is paying $135 million for Acton. In addition, there is a milestone payment of $10 million and royalty based milestones. The acquisition is expected to close during the fourth quarter and is subject to customary closing conditions and the approval of the US competition authorities. Existing credit facilities will fund the acquisition.

"The acquisition of Acton is a unique opportunity to gain access to a newly -registered product in the US market. Aerospan is within Meda’s primary focus area - respiratory - and is based on a new technology," says Anders Lonner, chief executive of Meda AB, adding: "Paired with Dymista [azelastine and fluticasone nasal spray], this gives us a clear profile in our highest priority area as well as important marketing synergies. Aerospan will be launched in the US market in the beginning of next year and other major markets will follow.”