During the continued wave of life science M&A, companies are seeking to focus on core competencies. Once again, this trend has resulted in Boston Scientific snatching the medical device assets of a pharma company, this time from Endo International.
Boston Scientific sat out most rounds of med tech M&A the past few years, but the device giant might be charting a different course in 2015. The company is reportedly close to buying Endo International's AMS medical device unit in a deal estimated at $2 billion.
Endo Pharmaceutical's investigational Belbuca buccal film strip for severe chronic pain has been accepted for review by the FDA, marking a win for the BioErodible MucoAdhesive technology to deliver drugs across mucosal surfaces like the inside of the cheek. And BEMA platform developer BioDelivery Sciences receives a $10 million milestone payment.
Endo found the magic number in its negotiations with Auxilium Pharmaceuticals, boosting its offer to $2.6 billion and finally convincing its target to abandon plans for a tax-saving deal.
Auxilium Pharmaceuticals has no intention of accepting a multibillion-dollar bid from Endo, the company said, preferring to stay the course and pull off an en-vogue tax inversion as it looks to cut costs.
Just a few days after Auxilium Pharmaceuticals put out the word that pressure on the sales side was forcing a restructuring and the elimination of about 200 jobs, Endo has come along with a proposal to buy out the company for about $2.2 billion worth of cash and stock.
More than two years ago the pain specialist Endo Pharmaceuticals stepped up with a $180 million deal to license rights to BEMA Buprenorphine, a pain therapy that had been repackaged using delivery tech from BioDelivery Sciences International, even though it had just failed the primary endpoint in a critical Phase III study. Today, Endo put out the word that its gamble had paid off, saying that a new Phase III trial hit the goal line on reduction in pain compared to a placebo, putting the treatment on a path to the FDA for a marketing decision.
In its fourth trip to the FDA, Endo's testosterone-boosting Aveed finally won over regulators, but as the clamor over risks tied to "low-T" treatments reaches deafening volume, the in-transition drugmaker may be late to a profitable party.
Impax Laboratories is tapping Durect Corporation for its mid-stage transdermal patch Eladur, which is designed to ease the pain associated with shingles. For exclusive rights to the delivery tech, Impax agreed to pay up to $63 million to Durect when all is said and done.
Endo Health Solutions is extending its makeover with a bolt-on deal, trading $105 million up front for NuPathe to get its hands on the migraine patch Zecuity.