Teva Pharmaceutical Industries has signed an agreement to purchase pharmaceutical and drug delivery company, MicroDose Therapeutx, to strengthen its respiratory franchise.
The deal involves acquisition of all of MicroDose's outstanding shares by Teva for $40m payment at closing, $125m additional payments on reaching regulatory and development milestones, in addition to sales-based milestones and tiered royalty payments on commercialization of MDT-637.
Designed to administer within 30 seconds, MicroDose's multi-dose dry powder nebulizer device and its proprietary technology can now be accessed by Teva.
MicroDose's current pipeline includes an inhaled, low dose, small molecule, fusion inhibitor, MDT-637, delivered using the company's technology against respiratory syncytial virus (RSV).
Teva global R&D president and chief scientific officer Michael Hayden said, "The MicroDose platform is both simple and attractive, and their addition will help us to address the unmet needs of the youngest and oldest patients, who have a requirement for a better way of taking the medicines they rely upon."
Stifel served as exclusive financial advisor concerning the transaction to MicroDose Therapeutx.