June 17 (Bloomberg) -- Teva Pharmaceutical Industries Ltd., which said six months ago it would focus on treatments for respiratory and central nervous system illnesses, announced it will acquire U.S.-based inhaler developer MicroDose Therapeutx.
Teva will pay $40 million for MicroDose’s outstanding shares and as much as $125 million in additional payments pending regulatory and development milestones, plus royalties, the Petach Tikva, Israel-based company said in a statement today. MicroDose is developing MDT-637 for respiratory syncytial virus, a respiratory virus that infects the lungs and breathing passages.
“The MicroDose platform is both simple and attractive, and their addition will help us to address the unmet needs of the youngest and oldest patients,” Michael Hayden, chief scientific officer at Teva, said in the statement.
The acquisition gives Teva access to MicroDose’s multidose device, which can be administered in less than 30 seconds, according to Teva. The deal fits with Teva’s strategy shift away from multibillion-dollar acquisitions into an increased reliance on smaller deals in areas where it is already strong. Teva had $856 million in respiratory sales last year and is developing treatments for a wide range of illnesses through its Spiromax device.
To contact the reporter on this story: David Wainer in Tel Aviv at firstname.lastname@example.org
To contact the editor responsible for this story: Kristen Hallam at email@example.com