USA-based Amarin buys UK firm Laxdale

Amarin of the USA has signed a definitive agreement to acquire Stirling,Scotland-headquartered Laxdale, a privately-owned neuroscience development company.

Under the terms of the deal, Laxdale will receive: an initial consideration of 3.5 million Amarin American Depositary Shares; a stock or cash payment of L7.5 million ($13.7 million) for each approval of its Huntington's disease drug Miraxion (eicosapentaenoic acid) in the USA and Europe; and L5 million for each of the first two further marketing approvals for the drug for additional indications.

Furthermore, the US firm has agreed a loan facility of up to L950,000 to Laxdale, secured by a floating charge against the latter's assets, Amarin said.