Pharmacosmos picks up G1 Therapeutics, FDA-approved drug Cosela in merger worth $405M
In a deal worth approximately $405 million, Danish drugmaker Pharmacosmos has agreed to acquire G1 Therapeutics and the latter company's flagship product Cosela.
Cosela won FDA approval in 2021 as the first therapy cleared to reduce bone marrow damage associated with certain chemotherapy regimens used to treat extensive-stage small-cell lung cancer. Last year, the med raked in $46.3 million in sales for G1.
Pharmacosmos put in a cash offer for all outstanding shares of G1's common stock for $7.15 per share, and the deal is expected to close late in this year’s third quarter. The total equity value of around $405 million represents a 68% premium to G1’s August 6 closing share price.
With Pharmacosmos' “significant resources and expertise” on tap, the companies will join forces to grow the reach of Cosela, the duo said in a press release. G1, for its part, brings a “well-established” commercial, sales and medical platform to the table, further allowing the partners to optimize the drug’s performance, according to the release.
In a statement, Pharmacosmos’ CEO Tobias Christensen called the acquisition “transformative.”
G1 previously linked up with Boehringer Ingelheim to help promote and commercialize Cosela in the U.S. through what was meant to be a three-year agreement starting in 2020. That deal was terminated in 2022 and G1 instead deployed its own sales force.
August 9, 2024
