Yardley-based Optinose, which put itself up for auction three years ago attracting multiple suitors, has secured a potential $330 million deal with Paratek, writes John George for the Philadelphia Business Journal.

Founded in 2000, the specialty pharmacy company markets Xhance, an FDA-approved drug-device combination for nasal polyps and chronic sinusitis.

Optinose formed a strategy workgroup in August 2022, led by board member R. John Fletcher, tasked with evaluating the company’s assets and preparing a long-term plan to optimize the business.

The group focused on finding ways to reach more primary care doctors when promoting its product. Xhance sales totaled $73.7 million in 2021 and modestly increased to $76.3 million in 2022. Meanwhile, the company’s stock price slumped to under $40, down from around $60 per share at the start of 2021.

Optinose’s board, following the working group’s advice, initiated a sale process two months later but canceled it after a $50 million stock sale. In the summer of 2023, the company re-entered sales talks with an unnamed company, but those ended the next year.

Paratek expressed interest in November 2023, and after lengthy negotiations and additional suitors, the two companies announced a deal on March 19.

Read more about how Yardley-based Optinose secured a potential $330 million deal with Paratek in the Philadelphia Business Journal.

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