Deal is subject to shareholder approval
Vyteris, a US developer of the first FDA-approved active transdermal patch that delivers drugs through the skin, has agreed to acquire MediSync BioServices, a privately held company focused on bringing together niche contract research organisations within the fragmented US$22bn contract drug development industry.
Under the terms of the agreement, MediSync will become a wholly owned subsidiary of Vyteris in exchange for 27 million shares of Vyteris common stock to MediSync shareholders.
MediSync's services include product development, clinical trial management, and data management services for the pharmaceutical, biotechnology and medical device industries. The company was formed in 2006 by a group of life sciences executives with experience in the life sciences industry.
‘MediSync provides us with the opportunity to broaden our corporate strategy, bringing both a revenue platform that limits our longer-term capital requirements and execution expertise to more rapidly develop our pipeline products,’ said Haro Hartounian, chief executive of Vyteris.
On closing of the deal, two MediSync directors will be appointed to Vyteris' board.
Two of Vyteris' current directors, Eugene Bauer and Joel Kanter, own minority positions in MediSync, and introduced the acquisition opportunity to Vyteris.
The closure of the merger transaction is still subject to the approval of Vyteris shareholders.
Vyteris is the maker of LidoSite, the first active, ready to use drug delivery patch to receive marketing clearance from the US Food and Drug Administration. Its proprietary active transdermal smart patch technology delivers drugs comfortably through the skin using low-level electrical energy (iontophoresis).
The product allows for precise dosing, giving physicians and patients control in the rate, dosage and pattern of drug. Vyteris has successfully delivered a peptide non-invasively using its system, without using any needles.