Boehringer Ingelheim to buy US biotech Actimis in structured $515M deal
Leading family-owned German drugmaker Boehringer Ingelheim has reached agreement to acquire Actimis Pharmaceuticals, a privately-held US biotechnology company based in San Diego, in a deal that could cost it as much $515.0 million.
The acquisition will occur through a structured buyout in which Boehringer will purchase shares of Actimis depending on the achievement of several successive milestones with the latter's lead asthma compound AP768. If this agent, which is currently in Phase I clinical development, is successfully advances into a Phase III, the German drug major will own 100% of Actimis' shares. On successful completion of the entire development program, the total deal will be worth $515.0 million. Further financial details were not disclosed.
Actimis was founded in 2004 by Kevin Bacon, a former research executive at German drug major Bayer AG, as a spin out of the latter's respiratory diseases research program and funded by a group of venture capital firms.
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