Upsher-Smith Laboratories Inc. announced an agreement to acquire Proximagen Group PLC, a London-based development-stage drug company in a deal valued at $346.7 million. The deal's value could increase to $554.7 million depending on commercialization prospects of two new Proximagen drugs.
UPSHER-SMITH LABORATORIES INC.
Headquarters: Maple Grove
Founded: 1919
Chairman: Ken Evenstad
President and CEO: Mark Evenstad
Business: Family-owned and privately held specialty pharmaceutical company focuses on innovative uses of generic and branded-generic drugs, especially drugs treating disorders of the central nervous system.
Employees: 600
2011 sales: $451 million
PROXIMAGEN GROUP PLC
Headquarters: London
Nonexecutive chairman: Peter Allen
CEO: Kenneth Mulvany
2011 sales: $281,000
2011 earnings: $7.9 million
Employees: 41
Business: Biotechnology company that develops novel drugs for the central nervous system and inflammatory diseases. Publicly traded on London Stock Exchange. Proximagen was granted 24 patents in 2011 and has more than 285 patents.
