Upsher-Smith buys British drug maker
MAPLE GROVE, Minn. — Upsher-Smith Labs has finalized its purchase of a British company that makes drugs for central nervous system and inflammatory disorders, the former said Tuesday.
Upsher-Smith announced that it completed its acquisition of Proximagen in a deal originally announced in June. Upsher-Smith said the $555 million deal would support the acceleration of its strategy to develop central nervous system drugs. Its currently pipeline includes USL255 (topiramate), an extended-release treatment for epilepsy in phase-3 development, and USL261 (midazolam), an intranasal treatment for seizures also in phase-3 development that has received the Food and Drug Administration's orphan drug designation.
"The acquisition of Proximagen adds significantly to our scientific capabilities and supports the acceleration of our vision of becoming a leader in the CNS category," Upsher-Smith president and CEO Mark Evenstad said. "The combination of Upsher-Smith's clinical development and commercialization expertise with Proximagen's research and development platform provides the opportunity to further enhance our ability to bring new therapies to market to benefit patients."