Baxter To Acquire Prism for $338M

Baxter International Inc. said Monday it will acquire privately-held Prism Pharmaceuticals, Inc. for a total consideration of up to $338 million.

Baxter International has inked a definitive acquisition agreement with Prism Pharmaceuticals, a specialty pharmaceutical company. The purchase includes Prism’s Nexterone product portfolio and consists of a $170 million upfront payment at closing and as much as $168 million in future sales milestones, for a potential total of $338 million.

Nexterone (amiodarone HCl) is an antiarrhythmic agent approved by the FDA for multiple presentations, including ready-to-use premixed intravenous (IV) bag formulations, vials, and a pre-filled syringe.

Prior to the agreement, Baxter was Prism’s contract manufacturer for the premixed IV bags using its Galaxy container technology and the prefilled syringe. The transaction, subject to customary closing