Eagle Pharmaceuticals to buy Arsia Therapeutics in $78 million dealStaff Writer | November 12, 2016
Eagle Pharmaceuticals announced that it has signed a definitive agreement to acquire Arsia Therapeutics, an early-stage biotechnology firm.
Acquisition Entry into biologics
The closing of the acquisition is expected to occur within the next week, subject to the satisfaction of various customary closing conditions.
Eagle will pay approximately $30 million at closing, $27.3 million of which will be paid in cash and $2.7 million of which will be paid in Eagle common stock.
Eagle has also agreed to pay up to $48 million in additional payments upon the completion of certain milestones, for aggregate potential payments of $78 million.
Arsia founders and renowned MIT professors, Dr. Robert Langer and Dr. Alexander Klibanov, as well as other key members of the Arsia team, have simultaneously entered into agreements that are effective upon the closing of the acquisition to work with Eagle to develop new formulations and solve delivery challenges in the large molecules space.
In addition to acquiring Arsia’s technology platform, Eagle plans to establish a Biologics Innovation Center in Kendall Square in Cambridge, Massachusetts. ■