Paratek Pharmaceuticals of Boston has entered into a definitive agreement to buy Yardley-based Optinose in a deal worth up to $330 million, writes John George for the Philadelphia Business Journal.
Optinose has one medicine approved by the Food and Drug Administration in the market: Xhance. The drug-device combination product treats nasal polyps and chronic sinusitis.
Under the deal, Optinose shareholders will receive $9 per share from Paratek, with payouts potentially reaching $14 per share. If Xhance hits $150 million in net sales in any calendar year through 2028, Paratek will pay an additional $1 per share, plus $4 per share if sales reach $225 million in any calendar year through 2029.
The upfront payment represents a 50 percent premium to the Bucks County company’s $6 share price at Wednesday’s market close. By Thursday, Optinose stock was trading at $9.28 per share, up more than 50 percent.
The sale has been approved by both companies’ boards and is expected to close by mid-2025.
According to Dr. Evan Loh, CEO of Paratek, the acquisition will broaden the reach of Xhance.
“This transaction [also] creates a stronger platform for future product acquisitions,” said Loh.
Read more about Paratek Pharmaceuticals’ decision to buy Yardley-based Optinose in the Philadelphia Business Journal.
