Acton Pharmaceuticals to be acquired by Meda for up to $200m

Photo taken from Acton’s website.
Photo taken from Acton’s website.

Acton Pharmaceuticals Inc., a Marlborough-based pharmaceutical company that recently got regulatory approval for an asthma treatment, said Friday that it has agreed to be acquired by Meda, an international specialty pharma company headquartered in Sweden.

In an all cash transaction, Meda will acquire 100 percent of Acton’s shares for $135 million, plus $10 million in a contingent, near-term development milestone. Acton will also receive certain sales-based milestones, which may bring the total potential acquisition value up to $200 million, Acton said in a press release.

The focus of Acton Pharmaceuticals is respiratory medicine. The company recently received approval from US Food and Drug Administration for Aerospan, an inhaled corticosteroid for treating asthma.

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In a statement, Acton chief executive John Simon said: “We are excited to enter into this agreement with Meda, a leading global pharmaceutical company. Meda’s experience marketing respiratory products combined with their significant track record of success makes them extremely well-suited to launch Aerospan to respiratory and pediatric physicians in the US.”

The proposed transaction is subject to customary regulatory approvals and standard closing provisions.

Barclays is acting as financial advisor and Bingham McCutchen LLP, a law firm with offices in Boston, is acting as legal advisor to Acton in the transaction.