Horizon Pharma acquires Crealta Holdings for $510 million
Saturday, December 12, 2015
Specialty drug maker Horizon Pharma (HZNP.O) said on Friday it has agreed to buy Crealta Holdings for $510 million in cash, adding the only U.S.-approved treatment for a type of arthritis to its portfolio.
Crealta's flagship drug, Krystexxa, is the only treatment for chronic refractory gout approved by the U.S. Food and Drug Administration.
Horizon said it expects the deal to add $70 million to $80 million in net sales, and $45 million to $50 million in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a measure of operating cash flow, in the first 12 months after closing.
A California court blocked a bid by Dublin, Ireland-based Horizon in November to acquire Depomed Depot, a specialty pharmaceutical company focused on neurology, pain and central nervous system diseases. It ruled that the offer was based on improper use of confidential information.
Crealta is based in Lake Forest, Illinois.
reuters.com
