Meda to acquire Acton Pharmaceuticals for US$135m

Meda, an international pharmaceutical manufacturer based in Solna, Sweden, is to acquire US development company Acton Pharmaceuticals for US$135m. Meda will also make a milestone payment of $10m plus royalties.

The purchase includes the Aerospan asthma inhaler, which contains the active substance Flunisolide. The product is approved by the US 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'.

'The acquisition of Acton is a unique opportunity to gain access to a newly registered product in the US market,' said Anders Lönner, CEO of Meda. 'Aerospan is within Meda’s primary focus area – respiratory – and is based on a new technology. 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.'

The total US market for inhaled asthma products containing a mono-corticosteroid is estimated at $2bn. Aerospan is the only product registered in the US market with a built-in spacer.

Meda says it aims to reach a minimum of SEK2bn (approximately $300,000) in sales within five years.

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.