Xeris to Acquire Strongbridge Biopharma

Xeris Pharmaceuticals, Inc., a pharma company with novel formulation technology platforms for ready-to-use injectable drug formulations, entered an agreement to acquire Strongbridge Biopharma, a global commercial-stage biopharma company focused on therapies for rare diseases, for stock and contingent value rights valued at approximately $267 million.

The transaction, which has been unanimously approved by the boards of both companies, is expected to close 4Q21, subject to customary closing conditions. Upon close of the transaction, the businesses of Xeris and Strongbridge will be combined under a new entity to be called Xeris Biopharma Holdings, Inc..

Strongbridge shareholders will also receive payments based on the following triggering events: the listing of at least one issued patent for KEVEYIS in the U.S. FDA’s Orange Book by the end of 2023 or at least $40 million in KEVEYIS annual net sales in 2023, (ii) achievement of at least $40 million in RECORLEV annual net sales in 2023, and (iii) achievement of at least $80 million in RECORLEV® annual net sales in 2024.