Wednesday, June 19, 2013

Teva looking to build its drug delivery capabilities, acquires Microdose therapeutx for $165 million

Founded in 1998, MicroDose Therapeutx is a private pharmaceutical company successfully pioneering the creation of next-generation products utilizing its proprietary drug delivery technologies. In the pipeline, its Dry Powder Inhaler, Dry Powder Nebulizer, PolyCap™ systems, and Needlefree technologies promise to dramatically improve efficacy and compliance. Using these novel drug delivery techneques, MicroDose’s is targeting to improve the quality of life for patients suffering from debilitating diseases including asthma, COPD, RSV, IBS-C, and constipation.

Transaction Rationale

With the acquisition, Teva gets access to MDT's product pipeline, which includes a  Phase 2 product MDT-637. MDT637 is an inhalable small molecule anti-viral fusion inhibitor that MDT acquired from ViroPharma in November, 2009. MDT-637 acts by targeting and blocking the viral fusion protein, which is the only efficacious target for RSV treatments. Teva also gets access to novel drug delivery device, which it can leverage for its existing respiratory business ( ProAir, QVAR, Qnasl)

Transaction Valuation

Under the terms of the deal, Teva will acquire all of MicroDose’s outstanding shares for a payment at closing of $40 million, additional payments of up to $125 million upon achievement of regulatory and development milestones, plus sales-based milestones and tiered royalty payments upon commercialization of MDT-637 and an earlier stage Asthma/COPD medicine

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