Jazz Pharma to acquire Orphan Medical in $122.6M deal

Jazz Pharmaceuticals is to acquire fellow US firm Orphan Medical in a deal valued at $122.6 million. Under the accord, which has been unanimously approved by Orphan's board, the latter's common stockholders will receive $10.75 per share in cash upon the close of the transaction, which is expected early in the third quarter. Following the merger, Orphan will become a wholly-owned subsidiary of Jazz, a privately-held company. Orphan's lead product is Xyrem (sodium oxybate), claimed to be the first treatment for cataplexy associated with narcolepsy. Xyrem is currently being assessed as a treatment for the full range of narcolepsy symptoms, including excessive daytime sleepiness, and a supplemental New Drug Application is under review by the US Food and Drug Administration. Orphan is also evaluating the drug as a treatment for the symptoms of fibromyalgia syndrome.