Parsippany-based The Medicines Co. announced Wednesday it has acquired Rempex Pharmaceuticals, Inc., a company with multiple potential new therapies focused on multi-drug resistant gram-negative bacteria.
According to the announcement, The Medicines Company paid Rempex equity holders $140 million in an upfront payment at the closing of the deal. In addition, it has agreed to pay Rempex equity holders milestone payments subsequent to the closing, including certain development and regulatory approval milestones totaling $214 million, and commercial milestones totaling $120 million. The company has acquired several anti-infective assets, including a preclinical developmental program of novel investigational agents, as a result of the transaction.
The Boards of Directors of both companies have unanimously approved the agreement. RBC Capital Markets served as the exclusive financial advisor and WilmerHale served as the legal advisor for the transaction for The Medicines Company. Rempex's exclusive financial advisor for the transaction was BofA Merrill Lynch, while Cooley LLP served as its legal advisor, The Medicines Company said in a statement.