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US-based specialty drug firm EUSA Pharma has signed a $22.6m deal to take over rival Cytogen Corporation.
EUSA, which also operates in Europe, focuses on oncology, pain control and critical care, while Cytogen is a speciality company with three oncology and pain control products on the US market.
EUSA chief executive Bryan Morton said: “The acquisition of Cytogen is of great strategic importance for EUSA, as it completes the building of our transatlantic commercialisation infrastructure, as well as fitting perfectly with our focus on oncology and pain control.
“Over the last 18 months EUSA has built a strong European organisation covering over 20 countries and marketing a portfolio of six speciality pharmaceuticals.
“Cytogen’s products and US infrastructure are the ideal complement to our business, offering us the opportunity to commercialise a rapidly growing portfolio of medicines on both sides of the Atlantic.”
EUSA chairman Rolf Stahel added: “The acquisition of Cytogen marks a step change in the growth of EUSA and completes the foundations of a world-class speciality pharmaceutical company.
“This transaction will transform our business, putting in place a truly transatlantic growth platform, and positioning the company as the partner of choice for future acquisitions and speciality product in-licensing.”
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