AstraZeneca to acquire Omthera Pharmaceuticals in $443 mn deal

British pharmaceutical giant AstraZeneca Plc today said it would buy US specialty drug company Omthera Pharmaceuticals for as much as $443 million, in order to strengthen its cardiovascular drug portfolio.

''This is an exciting acquisition that clearly complements our existing portfolio in cardiovascular and metabolic disease, one of our core therapy areas,'' said Pascal Soriot, CEO of AstraZeneca.

AstraZeneca, Britain's second-biggest drugmaker, will pay $12.70 per share in cash, or around $323 million, a premium of 88 per cent to Omthera's closing price on 24 May.

In addition to the cash payment, Omthera shareholders will receive contingent value rights of approximately $4.70 per share, of approximately $120 million in total, provided Omthera achieves milestones on its lipid disorders treatment drug Epanova, or achieves milestone related to global net sales.

This will bring the total deal value to approximately $443 million.

Omthera's shareholders holding around 60 per cent of the shares have agreed to vote in favour of the transaction.

The proposed acquisition will be AstraZeneca's second in the cardiovascular field in less than two months after it acquired Michigan-based privately-held AlphaCore Pharma, a developer of a new type of cholesterol drug.

Founded in 2008, New Jersey-based Omthera is an emerging specialty pharmaceutical company focused on developing new therapies for abnormalities in blood lipids, called dyslipidemia, and the treatment of cardiovascular disease.

Epanova, currently its sole product candidate, is a novel, late stage omega-3 free fatty acid composition that is meant to reduce triglycerides, improve other key lipid parameters.

Omthera is expected to file a new drug application in the US for Epanova in mid-2013 for patients with severe hypertriglyceridemia, and AstraZeneca aims to file a supplemental NDA for Epanova as a treatment for patients with mixed dyslipidemia.

Gerald Wisler President, CEO co-founder of Omthera, said: ''We are delighted to be joining AstraZeneca, a leading pharmaceutical company with a proven track record in the development and commercialisation of global brands in the area of cardiovascular disease."