Merz Therapeutics GmbH, a subsidiary of the Merz Group (Frankfurt/Main), signed an agreement to acquire two marketed drugs from the NASDAQ-listed US company Acorda Therapeutics. The completion of the transaction will “significantly contribute to Merz Therapeutics’ accelerated growth strategy,” the company said. It is the second investment in a NASDAQ company in just over ten years.
The acquisition is expected to take place as part of a court-structured sales process under the US Bankruptcy Code, with Merz Therapeutics having submitted the opening bid in the potential auction. The purchase price offered by Merz is $185 million. The sales process is expected to be completed in June 2024. The sale is subject to court approval. The final price can also change further down the line.
“Our company Merz Therapeutics, which specializes in neurology, has developed very well in recent years. The intended investment fits perfectly into Merz Therapeutics’ further growth strategy, as it expands the existing portfolio in the area of movement disorders and neurodegeneration and strengthens the market position in North America,” says Jörg Bergler, COO of the Merz Group. “We are very pleased about the development of Merz Therapeutics and are convinced that the acquisition of the two drugs – one for the treatment of the OFF phase of Parkinson’s disease and one for the treatment of gait disorders in multiple sclerosis – will be of great benefit to doctors and patients will be significant.”
For the Merz family business, this investment in a US company would be the third in just over ten years and the second in a company listed on the NASDAQ. “Merz has grown significantly in recent years – organically, but also through strategic acquisitions, especially in North America. We therefore have in-depth experience in both the acquisition and integration of companies or products. As a German but global company, we are very interested in innovative acquisitions, especially in North America,” says Bergler. Stefan König, CEO of Merz Therapeutics, adds: “We see an optimal potential portfolio expansion here, which underlines our ambitions in important therapeutic areas.”
The story of Acorda Therapeutics is not one of success. Ampyra, the drug used to treat walking problems in patients with multiple sclerosis, generated $63.9 million in U.S. sales last year, well below its peak sales of $543 million in 2017. At the time, the drug still seemed to be the company’s hope, but a patent dispute led to the loss of important marketing opportunities and a massive wave of layoffs. The second drug acquired by Merz is also not going well. Inbrija (Parkinson) brought sales of $38.4 million in 2023, but its marketing partner Biogen recently returned the rights to the company, which then had to lay off employees again and ultimately only saw salvation in bankruptcy proceedings.
Merz has been family-owned for 116 years. The Merz Group includes the businesses Merz Aesthetics, Merz Therapeutics, Merz Consumer Care, Merz Immobilien and Merz Financial Investments. The company employs 4,337 people. Merz Therapeutics is represented and active in around 90 countries. It remains to be seen whether Merz is already right with his offer or whether other interested parties will come forward and a bidding war will break out for Acorda’s two assets. Likewise, the question of whether Merz has caught a few bargains will only be able to be answered in some time, as the greater marketing success of the drugs in the USA under a Merz flag is not guaranteed.
2024-04-03 21:18:28
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