Blog Exposure – United Therapeutics Acquired SteadyMed for Approximately $216 Million

LONDON, UK / ACCESSWIRE / May 02, 2018 / Active-Investors.com has just released a free research report on United Therapeutics Corp. (NASDAQ: UTHR). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=UTHR as the Company’s latest news hit the wire. On April 30, 2018, United Therapeutics and SteadyMed Ltd (NASDAQ: STDY) announced the signing of a definitive merger agreement under which United Therapeutics will acquire SteadyMed for $4.46 per share in cash at closing and an additional $2.63 per share in cash upon the achievement of a milestone related to the commercialization of Trevyent®. The transaction, including the $75 million in contingent consideration, is valued at $216 million. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, United Therapeutics and SteadyMed most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Reason for Transaction

This acquisition enables United Therapeutics to ward off a potential competition by taking control of SteadyMed which had been working hard to offer an alternative to United Therapeutic’ pulmonary arterial hypertension (PAH) franchise.

Trevyent®, is a combination of SteadyMed’s preservative-free, parenteral treprostinil formulation with the Company’s proprietary PatchPump, in a sterile, pre-filled, pre-programmed, single use disposable infusion system capable of delivering treprostinil subcutaneously or intravenously.

In March 2017, SteadyMed announced that the Patent Trial and Appeal Board (PTAB) of the United States Patent and Trademark Office (USPTO) ruled in its favor in the Inter Partes Review (IPR) proceeding against US Patent No. 8,497,393 (the ‘393 patent) owned by United Therapeutics. In its ruling, the PTAB found all 22 claims in the ‘393 patent unpatentable and cancelled them, rendering the patent invalid.

In June 2017, SteadyMed submitted a New Drug Application (NDA) to the US Food and Drug Administration (FDA) for Trevyent, for the treatment of PAH. In August 2017, SteadyMed received a Refusal to File letter from the FDA relating to its NDA for Trevyent®. Based on a preliminary review of the NDA, the FDA determined that the application is not sufficiently complete to permit a substantive review. FDA requested further information on certain device specifications and performance testing and requested additional design verification and validation testing on the final, to-be-marketed Trevyent product.

SteadyMed worked hard to resolve the issues highlighted by FDA, with the Company forecasting the resubmission and acceptance of its Trevyent®’s NDA before the end of 2018, which could have again established SteadyMed as a possible competition to United Therapeutics. With SteadyMed’s share price trading at a fraction of its earlier highs, this allowed United Therapeutics to offer and acquire a potential competition at attractive valuation.

“We are optimistic about acquiring SteadyMed and adding Trevyent to our pipeline of products to treat PAH,” said Martine Rothblatt, Ph.D., Chairman and Chief Executive Officer of United Therapeutics, “We are especially impressed with SteadyMed’s management team and global supply chain. Trevyent fits in well with our mission, and we look forward to bringing the product to the maximum number of patients as soon as possible.”

Agreement Details

SteadyMed’s Board of Directors has unanimously approved the merger agreement and unanimously recommended SteadyMed’s shareholders to adopt the merger agreement. As per the press release, SteadyMed’s shareholders owning approximately 43.3% of the ordinary shares of SteadyMed have entered into an agreement to vote their shares in favor of the transaction.

The transaction is subject to customary closing conditions, including approval by SteadyMed’s shareholders and the expiration or termination of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, and is expected to be completed in Q3 2018.

About SteadyMed Ltd

SteadyMed is a specialty pharmaceutical company focused on the development and commercialization of drug product candidates to treat orphan and high-value diseases with unmet parenteral delivery needs. SteadyMed’s product portfolio includes Trevyent®, a development-stage drug-device combination product that combines SteadyMed’s two-day, single use, disposable PatchPump® technology with treprostinil, a vasodilatory prostacyclin analogue, for the subcutaneous treatment of PAH.

Stock Performance Snapshot

May 01, 2018 – At Tuesday’s closing bell, United Therapeutics’ stock climbed 1.42%, ending the trading session at $111.67.

Volume traded for the day: 353.11 thousand shares.

Stock performance in the last month – up 3.96%

After yesterday’s close, United Therapeutics’ market cap was at $4.80 billion.

Price to Earnings (P/E) ratio was at 10.19.

The stock is part of the Healthcare sector, categorized under the Biotechnology industry. This sector was up 0.2% at the end of the session.

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