May 1, 2018
United Therapeutics Corporation (Nasdaq: UTHR) has announced that it is acquiring drug development company SteadyMed Ltd.(Nasdaq:STDY). United Therapeutics will pay $4.46 per share in cash at closing yesterday and an additional $2.63 per share in cash upon the achievement of a milestone related to the commercialization of SteadyMed’s leading drug candidate Trevyent for the treatment of Pulmonary Arterial Hypertension (PAH). The transaction, including the $75 million in contingent consideration, is valued at $216 million.
SteadyMed is a specialty pharmaceutical company focused on the development and commercialization of drug product candidates to treat orphan and high-value diseases with unmet parenteral delivery needs. In addition to Trevyent, SteadyMed’s portfolio includes a two day, single use, disposable PatchPump technology with treprostinil, a vasodilatory prostacyclin analogue, for the subcutaneous treatment of pulmonary arterial hypertension (PAH).
SteadyMed was founded in Israel in the Zisapel family’s RAD Biomed incubator and although today under US management and headquartered in San Ramon, California, much of the company’s development is carried out in its Rehovot offices. Among the company’s investors is Ari Steimatzky. In 2015, the company raised $40 million on Nasdaq and over the past two years raised $62 million in private placements.
United Therapeutics is a biotechnology company focused on the development and commercialization of therapies for the treatment of PAH and other orphan diseases.