United Therapeutics bags rival SteadyMed for a bargain basement deal worth up to $216M, eliminating patent threat
United Therapeutics $UTHR CEO Martine Rothblatt won’t be looking over her shoulders as a potential rival to United’s lead drug makes its way through an FDA review, battling over her patents. She bought it instead.
United this morning handed out a nice premium to acquire little SteadyMed $STDY, paying $4.46 for a stock that closed Friday at $2.65 with a market cap of $70 million. United will also hand over another $2.63 a share based on their progress in scoring an approval for SteadyMed’s drug/device combo for pulmonary arterial hypertension, which uses a reformulation of United’s Remodulin. The total value of the deal — including the contingency payment — stretches up to $216 million.
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