MEDA acquires a US respiratory company
GÖTEBORG, Sweden -- August 30, 2013
Meda (STO:MEDAA) has signed an agreement to acquire the US development company
Acton Pharmaceuticals, Inc. (“Acton”) including the proprietary product
Aerospan. Aerospan is an inhaler for the treatment of asthma that contains the
active substance Flunisolide. The product is approved by the FDA and has shown
in clinical studies to have a high deposition of active drug in the airways as
a result of a built-in inhalation chamber (called a “spacer”).
In a randomized double-blind placebo-controlled study, published in the Annals
of Allergy, Asthma & Immunology, Aerospan show no significant negative effect
on linear growth in children with asthma. This is an important feature of the
Aerospan product. FDA has recently approved the addition of data from this
study in the prescribing information.
The launch of Aerospan is planned to the beginning of 2014. The total US
market for inhaled asthma products containing a mono-corticosteroid is
estimated at 2 billion USD. The use of spacers is increasing very rapidly. In
some markets, more than one third of patients who use inhaled corticosteroids
also use a spacer. Aerospan is the only product registered in the US market
with a built-in spacer. Meda’ s target is to reach a minimum of 2 billion SEK
in sales within 5 years.
The purchase price for Acton amounts to 135 million USD. In addition, there is
a milestone payment of 10 million USD 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 Lönner, CEO
of Meda AB. "Paired with Dymista, 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.”
MEDA AB (publ) is a leading international specialty pharma company. Meda’s
products are sold in more than 120 countries worldwide and the company is
represented by its own organizations in over55 countries. The Meda share is
listed under Large Cap on the Nasdaq OMX Nordic Stock Exchange in Stockholm.
Find out more, visit www.meda.se.
This press release is not an offer to sell or a solicitation to buy shares in
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This information was brought to you by Cision http://news.cision.com
Anders Lönner, CEO
ph: +46 8-630 1972
Vice President Corporate Development & IR
ph: +46 709-458878
ph: +46733-666 599
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