Massachusettes-based Paratek Pharmaceuticals, a company focused on the development and commercialization of specialty therapies for specialists and community care providers, recently finalized its purchase of Yardley-based Optinose, a specialty pharmaceutical company focused on the development and commercialization of products for the ear, nose, and throat.
Under the terms of the agreement, Paratek acquired all outstanding shares of Optinose for approximately $330 million. Optinose shareholders receive $9 per share in cash and contingent value rights of up to $5 per share when Optinose’s product XHANCE reaches certain net revenue milestones.
If XHANCE achieves $150M in net sales in any calendar year prior to Dec. 31, 2028,
Paratek will pay $1 per share. It will pay $4 per share if XHANCE achieves $225M in net sales in any calendar year prior to Dec. 31, 2029.
“Adding XHANCE to our portfolio is a pivotal first step in achieving our long-term vision to become a multi product specialty therapeutics company, focused on addressing significant unmet medical needs,” Dr. Evan Loh, Paratek CEO, said. “This transaction establishes a strong platform for us to continue to leverage these capabilities as we move forward to explore opportunities to expand our portfolio through future product acquisitions.”
On May 16, Optinose shareholders approved the merger proposal.