Irish biopharmaceutical firm Horizon Pharma has signed an agreement to acquire US-based Hyperion Therapeutics for around $1.1bn.

As part of the deal, Horizon will purchase all of the issued and outstanding shares of Hyperion’s common stock for $46.00 per share in cash.

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Horizon Pharma chairman, president and CEO Timothy Walbert said: "The Hyperion acquisition will expand and diversify our product portfolio by adding two complementary orphan disease products, Ravicti and Buphenyl; and leverage, as well as expand the existing infrastructure of our orphan disease business.

"The Hyperion acquisition will expand and diversify our product portfolio by adding two complementary orphan disease products, Ravicti and Buphenyl."

Ravicti and Buphenyl medicines have been developed to treat people with urea cycle disorders (UCDs), a collection of inherited metabolic disorders.

Horizon noted that marketing authorisation application was filed for European marketing of Ravicti. Being marketed in the US, Ravicti (glycerol phenylbutyrate) oral liquid received approval in the US in February 2013.

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Hyperion also owns worldwide rights of Buphenyl (sodium phenylbutyrate) tablets and powder that are marketed in the US. It is also developing Ravicti to treat hepatic encephalopathy.

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Hyperion Therapeutics president and CEO Donald Santel said: "During the last two years, we have solidified our position in the orphan disease space and made significant progress in bringing life-changing medicines to people with urea cycle disorders."

Subject to customary conditions, the deal is expected to be completed in the second quarter of this year.

Horizon produces products for arthritis, inflammation and orphan diseases, including Actimmune (interferon gamma-1b), Duexis (ibuprofen/famotidine), Pennsiad (diclofenac sodium topical solution) 2% w/w, Rayos (prednisone) delayed-release tablets and Vimovo (naproxen/esomeprazole magnesium).