Marinus Pharmaceuticals, based in Radnor, is being acquired by Immedica Pharma, a Swedish drug company specializing in treatments for rare diseases, writes John George for Philadelphia Business Journal.
The the acquisition deal is valued at $151 million.
News of the planned acquisition of the struggling company drove Marinus stock up 43 percent to 53 cents a share on Dec. 30.
The merger with Immedica will enable Marinus’ anti-seizure product, Ztalmy, to “make an even greater impact on patients,” while providing “meaningful value” for stockholders, said Marinus CEO Dr. Scott Braunstein.
Marinus announced staff cuts in October and hired Wall Street investment bank Barclays to evaluate financial strategies after getting disappointing results from clinical trials of its new drug candidate for treating seizures.
The company had previously reduced its work staff in May, with the new rounds of layoffs announced in October affecting 45 percent of its staff.
The company began 2024 with 165 full-time employees and is now down to about 70 employees.
Marinus has one approved product on the market, Ztalmy, expected to produce revenue of about $33 million this year. It treats seizures associated with CDKL5 deficiency disorder in patients two years and older.
Find out more about the Immedica acquisition of Marinus in the Philadelphia Business Journal.
