Aptar Pharma pulled the trigger on a deal for Pharmaxis’ Orbital high payload dry powder inhaler technology, paying $2.5 million for a worldwide license with the same again to follow if it chooses to buy the system outright.
Pharmaxis granted Aptar an option on the technology one year ago. At the time, Aptar paid $250,000 to secure a 12-month window in which to assess the commercial applications of the device before making a final decision on whether to license the technology. Howard Burnett, vice president, global pulmonary category at Aptar, set out the thinking behind the decision to license the technology.
“With this acquisition, Aptar Pharma is pleased to be building on our current expertise for the treatment of chronic conditions,” Burnett said in a press release. “Being recognized as a global leader in respiratory drug delivery devices and associated services, we now have a wider offering to our customers.”
The device is designed to deliver powder payloads of 400 mg or more for inhalation in divided doses without the need to reload. Initially, Pharmaxis developed the technology to extend the life cycle of its cystic fibrosis drug Bronchitol, but the potential applications of the device extend beyond that use case.
Evidence of the broader utility of Orbital emerged as part of the technical evaluations performed during the option period. Aptar now plans to build on those evaluations to deliver new product solutions that can benefit drug developers and patients.
For Pharmaxis, the deal is part of an attempt to generate non-dilutive cash from its mannitol respiratory business. The company ended June with AU$8.9 million ($6.2 million), down from AU$18.7 million one year earlier.