Oxygen Biotherapeutics Inc. is buying assets from Phyxius Pharma.
Physius Pharma focuses on developing and commercializing levosimendan, which is used to prevent and treat cardiac surgery patients. Oxygen Biotherapeutics is picking up the rights to develop and commercialize levosimendan in North America. The company is also added three Physius executives to the company.
Oxygen says the product is about one trial away from approval. The Morrisville, N.C.-based buyer focuses on developing oxygen-carrying therapeutics.
The deal is valued at $4.8 million.
Ladenburg Thalmann & Co. Inc. is financial adviser for the deal.
Other recent pharmaceutical deals include Chiesi Farmaceutici SpA’s purchase of Cornerstone Therapeutics Inc., and Spectrum Pharmaceuticals Inc.’s (NYSE: SPPI) acquisition of Talon Therapeutics Inc.