EUSA Pharma, a UK-based oncology and critical care company backed by the former corporate venturing unit of US-based pharmaceutical company Quintiles Trasnational, exited to Jazz Pharmaceuticals on Thursday for $650m in cash, with an offer of $50m in milestone payments should it meet a specified 2013 sales target.
In 2012 and in 2013 the company is expected to produce revenue for Jazz of between $210m to $230m, and extra adjusted earnings before interest, tax, depreciation and amortisation of $75m to $85m.
EUSA Pharma was backed with more than $300m by NovaQuest, the former corporate venturing unit of Quintiles, alongside private equity firm 3i Group, US-based bank Goldman Sachs, venture firms Essex Woodlands, Advent Venture Partners, SV Life Sciences, TVM Capital and NeoMed. Since its foundation, the company has raised over $300 million. Companies it has bought include Cytogen Corporation, Talisker Pharma, Opi and the European antibiotic and pain control business of Innocoll Pharmaceuticals.
EUSA Pharma was founded in 2006, with a portfolio of 10 pharmaceutical products. Its largest product is Erwinaze, which treats patient that are hypersensitive to E. coli-derived asparaginase. EUSA Pharma has about 180 employees.