Belgian biopharmaceutical company UCB has acquired an anti-epilepsy medication, Midazolam nasal spray (USL261), from Proximagen for $150m.

As well as the upfront payment, UCB will also make contingent payments of up to $220m based on select regulatory approval and sales-based milestones.

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Set to boost UCB’s existing epilepsy portfolio, the spray is an investigational midazolam formulation designed for intranasal administration as a rescue therapy for acute repetitive seizures (ARS) in epilepsy patients.

The nasal route could provide a convenient alternative to current rectal administration of benzodiazepines.

Proximagen chief scientific officer and president Bill Pullman said: “Rescue treatment options for acute repetitive seizures have historically been very limited.

“Our acquisition of this programme, when approved, will expand and diversify the treatment choices we are able to provide to the epilepsy community.”

“In making this important new medicine available, following approval, UCB will be delivering an effective rescue treatment option for patients and caregivers living with ARS.”

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Previously, Midazolam nasal spray secured orphan drug and fast track status from the US Food and Drug Administration (FDA), and completed Phase III clinical development.

UCB is planning to submit a new drug application (NDA) for the product over the coming months.

UCB CEO Jean-Christophe Tellier said: “Midazolam nasal spray has delivered strong Phase III results. Our acquisition of this programme, when approved, will expand and diversify the treatment choices we are able to provide to the epilepsy community, complementing our strong internal portfolio and building on our extensive knowledge, passion and expertise in the field of epilepsy.”

The acquisition is subject to customary closing conditions and expected to close in the second quarter of this year.