United Therapeutics (NSDQ:UTHR) said today that it stepped closer to completing its $216 million acquisition of SteadyMed (NSDQ:STDY) after terminating the the HSR Act waiting period.
The merger combines two companies that were in court as recently as last November, fighting over patents covering treprostinil, the active ingredient in both companies’ lead products.
In the deal, United Therapeutics will pay $4.46 per share in cash at closing and $2.63 per share in cash if the combined company can win approval for SteadyMed’s Trevyent drug-device combination therapy, according to an SEC filing.
The deal is still subject to closing conditions, including SteadyMed shareholder approval, with a vote slated to be held on July 30, according to an SEC filing. The companies are hopeful the deal will close during the second half of this year, according to the filing.
SteadyMed is developing the Trevyent drug-pump, which was rejected by the FDA last year, for treating patients with pulmonary arterial hypertension.
