(Reuters) – Supernus Pharmaceuticals Inc said on Monday it would acquire drugmaker Adamas Pharmaceuticals Inc for about $400 million, as it looks to expand its portfolio of treatments for Parkinson’s disease and limit reliance on its top-seller epilepsy drug.
Supernus, which makes drugs for central nervous system disorders, will get access to Adamas’ commercial products including Gocovri extended release capsules and Osmolex ER meant for treating symptoms for Parkinson’s disease.
“This acquisition represents a significant step to further build a strong and diverse Parkinson’s disease portfolio, and aligns with our focus of acquiring value-enhancing, clinically-differentiated medicines to treat CNS diseases,” Supernus Pharmaceuticals CEO Jack Khattar said.
The deal will help Supernus Pharma reduce dependence on Trokendi XR, used to prevent migraines and treat seizures in epilepsy patients, which made up about 57% of Supernus’ net product sales of $138.6 million in the second quarter of this year.
Supernus in June last year completed its deal for a portfolio of drugs targeting the central nervous system from US WorldMeds, expanding further into developing treatments for Parkinson’s disease.
As part of the latest deal, Adamas Pharma shareholders will receive an upfront cash payment of $8.10 per share, a premium of 75.7% to Adamas’ Friday closing price, according to Refinitiv IBES data.
Shareholders are also entitled to an additional payment of up to $1.00 per share subject to certain net sales milestones for Gocovri.
The company said the deal is expected to close in the fourth quarter of 2021 or the first quarter of 2022.
(Reporting by Manojna Maddipatla and Oishee Majumdar in Bengaluru; Editing by Shinjini Ganguli and Vinay Dwivedi)
