Retrophin Inc. (Nasdaq; RTRX) completed the $62.5 million acquisition of Manchester Pharmaceuticals LLC.
The deal, originally announced in February, included an upfront payment of $29.5 million, plus other payments based on the sales of Manchester's products. Manchester develops Chenodal, which treats gallstones, and Vecamyl, which helps patients manage severe hypertension. Both medicines have been approved by the U.S. Food and Drug Administration (FDA).
Retrophin also expects the transaction to help the New York company raise awareness of cerebrotendinous xanthomatosis, or CTX, an illness found in infants that leads to chronic diarrhea. According to Retrophin founder Martin Shkreli, the purchase will help make the Chenodal drug available to the public.
Manchester Pharmaceuticals, headquartered in Fort Collins, Colo., isn't Retrophin's only recent dealmaking play. In December, Retrophin took over Kyalin Biosciences Inc., a San Diego developer of therapies targeting the core symptoms of autism, while also attempting to purchase Transcept Pharmaceuticals Inc. (Nasdaq: TSPT) of Port Richmond, Calif. However, the Transcept deal was cancelled.