Chiesi Farmaceutici S.p.A acquires rights to Procysbi (cysteamine bitartrate) and Quinsair (levofloxacin inhalation solution) in EU, Middle East and Africa from Horizon Pharma.
Horizon Pharma plc announced that it has reached an agreement to sell a European subsidiary that owns the marketing rights to Procysbi (cysteamine bitartrate) delayed-release capsules and Quinsair (levofloxacin inhalation solution) in Europe , the Middle East and Africa (EMEA) regions to Chiesi Farmaceutici S.p.A . (Chiesi) for an upfront payment of $70 million , with additional potential milestone payments based on sales targets.
The transaction is subject to receipt of antitrust approvals and other customary closing conditions and is expected to close by the end of the second quarter. Horizon will maintain control of manufacturing supply in the EMEA regions through its third party supplier. In addition, Horizon will maintain marketing rights for Procysbi and Quinsair in the United States , Canada and Latin America . The divested subsidiary has facilities in the Netherlands , France and Germany and has approximately 40 employees.
Comment: Horizon acquired the rights to these drugs with its acquisition of Raptor Pharmaceutical Corporation in 2016.
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