Strongbridge Biopharma of Trevose has been acquired by Chicago’s Xeris Pharmaceutical for $267 million, reports John George in the Philadelphia Business Journal.
Xeris will own 60 percent or so of the combined business entities, with the remaining 40 percent remaining under Stonebridge ownership.
Xeris has developed a proprietary formulation technology platform for ready-to-use injectable drug formulations. It markets Gvoke, a treatment for severe hypoglycemia in adult and pediatric patients with diabetes.
Strongbridge focuses on therapies for rare diseases whose significant needs have gone unanswered. Pediatric paralysis and Cushing’s disease are two examples.
Last year, Strongbridge, which has 72 employees in Bucks County and Ireland, posted a net loss of $45 million on revenue of $30.7 million.
“We are excited to combine with Xeris to drive the next phase of our growth,” said John H. Johnson, CEO of Strongbridge. “Through this combination with Xeris, we will gain additional scale and financial resources to better meet the unmet needs of those we serve.”
Both companies board of directors unanimously approved the transaction, with one abstention.
The deal is expected to close early in the fourth quarter of 2021. The combined company will be called Xeris Biopharma Holdings Inc.
More on this business arrangement is at the Philadelphia Business Journal.