Like a high school boy searching for a prom date, Strongbridge Biopharma talked to a number of potential acquisition partners before finally getting the ‘yes’ it sought. John George covered the company’s search in the Philadelphia Business Journal.

Cutting to the chase, Strongbridge Biopharma has negotiated its acquisition by Xeris Pharmaceuticals. The two firms executed the $267 million transaction agreement and await upcoming shareholder votes.

Getting to that conclusion was a matter of paring down at least six potential suitors.

A competitive step forward for Recorlev, Stonebridge’s treatment for Cushing syndrome, strengthened the company’s position — and certainly its valuation. During talks with several potential partners, the drug received positive late-stage study results for the hormonal disorder.

A string of confidentiality agreements followed, including one with Xeris, to enable negotiations to continue. These protections were important to Stonebridge, especially considering its Cushing syndrome drug’s potential advantages.

On March 12, Xeris submitted a nonbinding proposal to acquire Strongbridge. It covered details such as stock prices, contingent value rights, and U.S. Food and Drug Administration approval of Recorlev.

Strongbridge issued a last call for other interested parties. When nothing viable emerged, it struck the deal with Xeris.

The combined company will have 160 employees and be called Xeris Biopharma Holdings, Inc.

More on this union in the pharma industry is at the Philadelphia Business Journal.