By Sara Gilgore – Staff Reporter, Washington Business Journal
Rockville-based Supernus Pharmaceuticals Inc. has reached a deal to acquire Miami-based Biscayne Neurotherapeutics in a deal worth up to $185 million.
Supernus (NASDAQ: SUPN), which specializes in creating therapies for central nervous system diseases, will pay $15 million upfront, followed by an additional $73 million based on development milestones and up to $95 million for sales milestones, according to an announcement. The deal is expected to close in the next few weeks.
The company did not immediately return a request for comment. We will update this post when we hear back.
Biscayne, a privately held clinical-stage biotech, is developing a novel treatment for epilepsy — a brain disorder that causes seizures. The deal gives the Rockville pharmaceutical company worldwide rights to its product candidate, which earned Orphan Drug designation from the Food and Drug Administration to treat a rare form of childhood epilepsy called Dravet Syndrome. It’s currently in the phase 1 clinical stage.
The product under development, called SPN-817, will have a new chemical entity status in the U.S. — meaning its active molecular contents haven’t otherwise been approved by the FDA under the Federal Food, Drug, and Cosmetic Act.
“We are excited to add SPN-817 to our portfolio as part of our long-term growth strategy,” said Supernus President and CEO Jack Khattar in a statement, adding that it’s a strong strategic fit with its two flagship drugs on the market: Oxtellar XR, extended-release oxcarbazepine to treat epilepsy; and Trokendi XR, extended-release topiramate, another epilepsy drug also used as a preventative migraine treatment launched last year.“We are committed to epilepsy patients and to bringing to them novel alternative treatment options,” he said.
This company is also advancing two