AstraZeneca completes Omthera purchase

19th Jul 2013 07:23

AstraZeneca has strengthened its late-stage cardiovascular disease pipeline after completing the acquisition of New Jersey-based specialty pharmaceutical company Omthera Pharmaceuticals. The purchased company is focused on the development and commercialisation of new therapies for abnormal levels of lipids in the blood, referred to as dyslipidemia.Omthera's investigational production, Epanova, has been submitted to the US Food and Drug Administration for approval. It is a novel omega-3 free fatty acid composition that has been shown to bolster levels of eicosapentaenoic acid and docosahexaenoic acid significantly in the blood, Astra said.The acquisition, first announced in May, saw Astra spend around $12.70 a share on Omthera, an 88% premium to the firm's share price before the deal was reported. The total purchase price was $323m.Astra will pay up to $120m more if specified milestones from Epanova are met.BC