Baxter To Acquire Prism

Baxter International has entered into a definitive agreement to acquire Prism Pharmaceuticals. The purchase includes Prism’s Nexterone product portfolio and consists of a $170 million upfront payment at closing and as much as $168 million in future sales milestones, for a potential total of $338 million. Nexterone (amiodarone HCl) is an antiarrhythmic agent approved by the FDA for multiple presentations, including ready-to-use premixed intravenous (IV) bag formulations, vials, and a pre-filled syringe.

Prior to the acquisition agreement, Baxter was Prism’s contract manufacturer for the premixed IV bags using its Galaxy container technology and the prefilled syringe. The transaction, subject to customary closing conditions, is expected to close in 2Q11.

“Nexterone is a great addition to our leading portfolio of premix drugs and solutions for the acute care setting. It offers clinicians a unique, ready-to-use antiarrhythmic agent for critical and time sensitive situations, while also providing convenience to caregivers and value to pharmacists,” said Robert M. Davis, president of Baxter’s Medical Products business. “Based on our strong hospital relationships and familiarity with the product, Baxter is well-positioned to launch the ready-to-use presentations of Nexterone.”

“The development and approval of Nexterone has been Prism’s greatest achievement,” said Warren Cooper, chief executive officer of Prism Pharmaceuticals. “We look forward to Baxter’s success in launching this product, which will benefit clinicians and the patients they serve.”