A unit of Footstar Corp., a holding company, has agreed to acquire CPEX Pharmaceuticals for $76.6 million in cash. The bid is worth $27.25 a share--more than twice what it was a year ago as back-to-back quarterly profits helped fuel investor interest. CPEX focuses on what it calls a "drug delivery platform technology." Platform, of course, is a key word that implies it's not just a one-shot deal, but a model for a whole family of drug-delivery applications. This likely made CPEX more attractive.
According to CPEX, its technology helps guide pharmaceuticals through the skin, nose and eye. The company's first product is Testim, a gel for testosterone replacement therapy licensed to Auxilium Pharmaceuticals, which is marketing the product in the U.S. and Europe.
CPEX also has additional licensed application with Serenity Pharmaceuticals for Ser-120, a product candidate for treatment of nocturia, or excessive nighttime urination. Ser-120 uses the company's intranasal drug delivery technology and is currently in Phase III trials.