Raptor Pharmaceutical Corp., a global biopharmaceutical company, has completed the acquisition of Quinsair (levofloxacin inhalation solution) from Tripex Pharmaceuticals. Quinsair is the first inhaled fluoroquinolone antibiotic approved in the European Union and in Canada for the management of chronic pulmonary infections due to Pseudomonas aeruginosa in adults with cystic fibrosis.
Administration of Quinsair with a high efficiency eFlow Nebulizer System (PARI Pharma GmbH) allows for the delivery of high concentrations of active drug directly to the site of infection in approximately five minutes.
"The acquisition of Quinsair adds another significant product to our rare disease franchise," stated Julie Anne Smith, president and CEO of Raptor.
"We are excited about our plans to launch the drug in Europe and Canada beginning in the first half of 2016, initiate a clinical programme in 2016 in at least one of nontuberculous mycobacteria and/or bronchiectasis and engage with the FDA regarding a path to potential approval in the US in cystic fibrosis."
The Quinsair acquisition was consummated through Raptor's wholly owned subsidiary, Raptor Pharmaceuticals Inc. At closing, Raptor paid Tripex approximately $34.2 million in cash consideration, subject to a deduction for payment of costs for representations and warranties insurance, and an amount to be held in escrow, and issued to Tripex 3,448,001 shares of Raptor common stock based on an average of a 30-day daily volume weighted average price of approximately $9.91 per share pursuant to the formula in the purchase agreement. In addition, the purchase agreement provides for contingent payments of up to $350 million associated with development, regulatory and commercial milestones, a portion of which is also payable in Raptor common stock at Raptor's election, and a single digit royalty on future global net sales. Raptor will have single-digit royalty and contingent obligations to two additional parties involved in Quinsair's development. Raptor is acquiring exclusive global rights and assets to develop, manufacture and commercialise Quinsair.
Quinsair is contraindicated in patients with hypersensitivity to levofloxacin, a history of tendon disorders related to fluoroquinolones, epilepsy, or who may be pregnant or breast feeding. Quinsair's safety was evaluated in two double-blind, placebo-controlled studies and in an active comparator study in which the most frequently reported adverse reactions were cough/productive cough, dysgeusia and fatigue/asthenia.