Eagle Pharmaceuticals has signed an agreement for the acquisition of UK-based hospital pharmaceutical company Acacia Pharma, by way of a scheme of arrangement, for nearly $104m (€94.7m), or $1 (€0.9) per share on a fully diluted basis.

Under the agreement, Acacia’s entire issued and to be issued share capital will be transferred to Eagle for the proposed deal price.

Eagle will make a cash payment of $79m (€71.6m) to Acacia, which will be funded through the current cash resources of the former.

Eagle will pay the remaining sum in shares of its common stock.

Under the deal, Eagle will also guarantee debt of nearly $27.4m (€25m) within Acacia.

Through the acquisition, Eagle will gain rights to two new chemical entities (NCEs) that have obtained approval from the US Food and Drug Administration (FDA).

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These acute-care hospital products, Barhemsys (amisulpride for injection) and Byfavo (remimazolam for injection), are currently available in the market.

An antiemetic, Barhemsys is a rescue treatment of postoperative nausea and vomiting (PONV), regardless of prophylaxis. 

It is also indicated to treat PONV in patients who have not received prophylaxis, and for PONV prevention. 

A quick onset/offset procedural sedative, Byfavo is intended for use in adults who undergo procedures that last 30 minutes or less.

Eagle Pharmaceuticals president and CEO Scott Tarriff said: “In the face of further challenges brought about by the Covid-19 pandemic, many smaller underfunded companies experienced significant hurdles launching products.

“We therefore believe that Eagle is well suited to drive uptake of these two new products, building from Acacia Pharma’s established foundation since its launch, through our experienced and specialised hospital-based sales organisation with minimal additional infrastructure.”

The boards of directors of Eagle and Acacia have approved the proposed takeover.

Subject to necessary closing conditions and approvals, the transaction is anticipated to conclude late in the second quarter of this year.

In August last year, Eagle entered a licencing agreement with Combioxin to obtain commercial rights to a new antitoxin agent, CAL02, for severe pneumonia.