Baxter to buy Prism Pharmaceuticals

Published: 19-Apr-2011

Adds Nexterone antiarrhythmic agent to portfolio


Baxter International of the US is to acquire privately held Prism Pharmaceuticals, for up to US$338m in cash and milestone payments, adding to its premix drugs portfolio.

Under the terms of the deal, Baxter will pay an up front cash payment of $170m and up to $168m in future sales-based milestone payments.

Prism Pharma, a specialist pharmaceutical company based in King of Prussia, PA, has received US Food and Drug Administration (FDA) approval for multiple presentations of its Nexterone (amiodarone HCl) antiarrhythmic agent for heart problems.

Baxter was the contract manufacturer for Nexterone premixed intravenous (IV) bag formulations using its proprietary Galaxy container technology and prefilled syringe.

The deal, which is to close in the second quarter, subject to customary closing conditions, is not expected to materially impact on its 2011 results, Baxter said.

‘Nexterone is a great addition to our leading portfolio of premix drugs and solutions for the acute care setting,’ said Robert Davis, president of Baxter's Medical Products business.

‘Based on our strong hospital relationships and familiarity with the product, Baxter is well-positioned to launch the ready-to-use presentations of Nexterone.’

You may also like