Chiesi USA, Inc. agreed to acquire three cardiovascular medications from The Medicines Company on May 9 for up to $792 million.
The Medicines Company plans on selling clevidipine (Cleviprex), cangrelor (Kengreal) and its rights to argatroban.
The deal is subject to customary closing conditions and is expected to close in the third quarter of 2016. The transaction does not require shareholder approval.
Chiesi USA, Inc. is a specialty pharmacy company and a wholly-owned subsidiary of Chiesi Farmaceutici S.p.A., which is based in Italy.
“The acquisition of all three products is a strategic fit for us, as we expand our product portfolio to become a recognized leader in the hospital and adjacent specialties,” Ken McBean, president and CEO of Chiesi USA, said in a news release. “We are committed to delivering products that meet the needs of providers and enhance care for patients in those settings.”
The Medicines Company will receive $260 million in cash at closing, up to $480 million in sales-based milestone payments and approximately $2 million for product inventory. Chiesi will also assume up to $50 million in milestone payment obligations.
Clive Meanwell, MD, PhD, The Medicines Company’s CEO, said in a news release that the transaction would reduce the company’s annual selling, general and administrative and related research and development costs by between $65 million and $80 million.
In June 2015, the FDA approved cangrelor, an antiplatelet drug intended to prevent blood clots in adults undergoing PCI. The FDA approved clevidipine in August 2008 as an intravenous medication to reduce blood pressure. It was the first FDA-approved intravenous antihypertensive agent in a decade, according to The Medicines Company.
In 2009, the Medicines Company also bought the licensing rights to argatroban in the U.S. and Canada from Eagle Pharmaceuticals. Argatrabon in an injectable direct thrombin inhibitor indicated to treat thrombosis in adults with heparin-induced thrombocytopenia and as an anticoagulant for adults undergoing PCI.
Meanwell referred to clevidipine, cangrelor and argatroban as “non-core cardiovascular assets.” He added that the deal would help The Medicines Company invest in four products in development, including a proprotein convertase subtilisin/kexin type 9 inhibitor.
“The transaction will enable us to deploy significant additional capital to drive further development of our pipeline of potential blockbuster products, which we believe will significantly enhance the value proposition of those products and our ability to deliver the greatest long-term value for our patients, customers and shareholders,” Meanwell said.