Baxter has completed the acquisition of US-based Prism Pharmaceuticals for a total consideration of $338m.

Financial terms of the agreement include an upfront cash payment of $170m and a further $168m based on future sales-based milestone payments.

Prism has received US Food and Drug Administration approval for the anti-arrhythmic agent Nexterone in two ready-to-use dosage forms, and had chosen Baxter as the contract manufacturer for premixed IV bags for use with the drug.

Nexterone is used to treat ventricular tachyarrhythmias— fast forms of irregular heartbeats.

Prism Pharmaceuticals CEO Warren Cooper heralded Nexterone as the company’s greatest achievment, adding, “We look forward to Baxter’s success in launch this product, which will benefit clinicians and patients.”