Jazz Pharmaceuticals has entered into a definitive agreement to acquire EUSA Pharma for a deal which could be worth up to $700m.
The deal will see Jazz pay $650m in cash plus a further potential $50m if EUSA’s lead product Erwinaze (asparaginase Erwinia chrysanthemi) achieves US sales targets next year.
Bruce Cozadd, Chairman and CEO of Jazz, said that EUSA is a “compelling strategic fit” and the deal expands the company’s “global footprint and marketed product portfolio”.
The acquisition will provide the biopharmaceutical company with an expanded product portfolio of specialty pharmaceutical products and an enhanced commercial platform.
EUSA, founded in 2006, currently has a portfolio which includes ten oncology, critical care and oncology supportive care products currently marketed directly in the US and Europe and via distributors in other countries.
It is headquartered in the US and UK with approximately 180 employees and has operations in the US at Pennsylvania, in the UK at Oxford and in Lyon, France.
Its lead product Erwinaze is a life-saving treatment for patients with acute lymphoblastic leukaemia (ALL).
“The combination of Jazz Pharmaceuticals and EUSA Pharma would bring together two highly successful businesses, with teams who are passionate about providing patients with access to vital specialty therapies,” said Bryan Morton, founder, President and CEO of EUSA Pharma.
“There is a strong fit between our two companies’ products, people and values, and the combination would represent a positive transaction for the patients we serve, our collective employees and our shareholders.”
The proposed acquisition has been approved by both boards of directors and is now subject to satisfaction of customary closing conditions and regulatory approvals.
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