Midatech Pharma is to acquire an oral soluble film that prevents post-operative, chemotherapy and radiation-induced nausea and vomiting
Midatech Pharma has entered into an agreement to acquire Zuplenz (ondansetron), a marketed anti-emetic oral soluble film from Galena Biopharma, for the prevention of chemotherapy-induced nausea and vomiting (CINV), radiotherapy-induced nausea and vomiting (RINV) and post-operative nausea and vomiting (PONV).
Zuplenz was launched in the United States in July 2015 and is an anti-emetic which does not need to be injected or swallowed.
Midatech said that the acquisition of Zuplenz will leverage its commercial infrastructure in the United States, following the acquisition of DARA BioSciences and is complementary to Midatech’s three existing marketed oncology products.
The total up front consideration of £2.5m ($3.75m) will be paid in cash by Midaech with further cash payments, totalling up to £17.4m ($26m), becoming payable if certain sales milestones are achieved.
The transaction is expected to be completed on or prior to Thursday, December 24, 2015, subject to customary closing conditions according to Midatech.
Dr. Jim Phillips, CEO of Midatech Pharma, said: “The acquisition of Zuplenz is a highly-complementary addition to our newly-acquired, marketed oncology portfolio.
“With Zuplenz expected to add to our fast-growing revenue, we believe this acquisition will help drive the Group further towards profitability.”