Jazz Pharmaceuticals completes $820 million purchase of Actio Biosciences
Actio becomes a wholly-owned subsidiary, and Jazz keeps a minority stake in a new company holding the programs it did not buy
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Jazz Pharmaceuticals has completed its acquisition of Actio Biosciences for $820 million upfront, the company said. Actio, a privately-held drug developer, becomes a wholly-owned subsidiary of Jazz through a merger carried out by Jazz's Knight Acquisition Corp unit.
The deal brings Jazz ABS-1230, a clinical-stage precision therapy for KCNT1-related epilepsy, a rare form of the disease with no FDA-approved treatments. As part of the transaction, Actio spun off a separate privately-held entity to hold its other programs, and Jazz retains a minority stake in that new company.
Jazz said it funded the purchase from cash on hand and existing credit facilities rather than new financing. The company first announced the acquisition in August, and Wednesday's completion finalises terms that had already been disclosed.
ABS-1230 remains in early clinical development, with no approved rivals yet on the market for KCNT1-positive epilepsy.