Sucampo Pharmaceuticals has agreed to acquire Japan-based pharmaceutical firm R-Tech Ueno for 33bn-yen ($278m).
Under the deal, R-Tech Ueno will receive $54m in cash and 2.5 million Sucampo shares.
As per terms of the deal, Sucampo will purchase 56% of the outstanding shares of R-Tech Ueno in the tender offer.
Sucampo has also signed an agreement with R-Tech Ueno’s founders and a related entity to acquire the remaining 44% interest of the company.
Sucampo CEO Peter Greenleaf said: “This immediately accretive transaction accelerates Sucampo’s growth and delivers on our strategic objectives of strengthening our financial performance and diversifying and expanding our product development pipeline.”
R-Tech Ueno produces Amitiza (lubiprostone) for Sucampo and Sucampo’s commercialisation partners, Mylan and Harbin Gloria Pharmaceuticals.
Amitiza is a prostone and locally acting chloride channel activator that is used in the US to treat CIC in adults and OIC in adults with chronic, non-cancer pain (24mcg twice daily).
It is also indicated in the US for irritable bowel syndrome with constipation (8mcg twice daily) in women 18 years of age and older in the US.
In Japan, Amitiza (24mcg twice daily) is prescribed to treat chronic constipation (excluding constipation caused by organic diseases).
In the UK, Amitiza is given (24mcg twice daily) to treat CIC and associated symptoms in adults, when response to diet and other non-pharmacological measures are inappropriate.
In Switzerland, it is indicated to treat CIC in adults and for the treatment of OIC and associated signs and symptoms such as stool consistency, straining, constipation severity, abdominal discomfort, and abdominal bloating in adults with chronic, non-cancer pain.
R-Tech Ueno also secures revenue from sales of Rescula (unoprostone isopropyl) in Japan.
In addition, the firm includes a wide range of drug candidates in various stages of development in gastroenterology, ophthalmology, autoimmune and inflammatory diseases and oncology.
The deal is expected to complete in the fourth quarter of this year.