Just months after gaining an FDA approval for ready-to-use IV formulations of its anti-arrhythmic agent Nexterone, Prism Pharmaceuticals has sealed a $338 million buyout deal with Baxter International. Prism's backers get $170 million in an upfront payment and $168 million in sales-based milestones.
"Nexterone is a great addition to our leading portfolio of premix drugs and solutions for the acute care setting. It offers clinicians a unique, ready-to-use antiarrhythmic agent for critical and time sensitive situations, while also providing convenience to caregivers and value to pharmacists," said Robert M. 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."
"The development and approval of Nexterone has been Prism's greatest achievement," said Warren Cooper, CEO of Prism Pharmaceuticals. "We look forward to Baxter's success in launching this product, which will benefit clinicians and the patients they serve."
Prism and Baxter already had a working relationship. Prism had selected Baxter as the contract manufacturer of Nexterone.
- read the Baxter release
- check out the report from Reuters