Omadacycline Tosylate

In a move to expand its portfolio, Paratek has bought out Optinose and its chronic rhinosinusitis nasal spray Xhance for up to $330 million. In a move to expand its portfolio beyond antibiotics, Paratek Pharmaceuticals has bought out Optinose and its chronic rhinosinusitis (CRS) nasal spray Xhance for up to $330 million.Triggering the acquisition was a label expansion for Xhance, which was originally approved in 2017 for patients with CRS and nasal polyps. An FDA nod 12 months ago allows it to be used by those who don’t have nasal polyps.The expansion increases the patient population for the drug-device combo product by 10-fold to 10 million, according to Paratek, as Xhance represents the only CRS treatment on the market for those with and without polyps.Optinose—which was founded in Norway in 2000 and now is based in Yardley, Pennsylvania—marketed Xhance to ear, nose, and throat specialists. But the label expansion makes it advantageous to commercialize Xhance through primary care providers, who are already familiar with Paratek’s antibiotic, Nuzyra, according to CEO Evan Loh, M.D.   “The majority of the primary care physicians Paratek calls on for Nuzyra and its approved indications are also treating patients with CRS, offering a key overlap in targets for our salesforce,” Loh said in a release. “This transaction creates a stronger platform for future product acquisitions as we leverage our capabilities and further expand our portfolio.”Up front, Boston-based Paratek is paying $9 per share, which is a 50% markup on Optinose’s price at the close of trading on Wednesday. The deal could be worth up to $14 per share, including the payment of contingent value right (CVR) tied to future revenue milestones. “Paratek, with its robust commercial and medical capabilities, has the potential to rapidly extend awareness of Xhance to primary care providers who treat the majority of patients with CRS,” Ramy Mahmoud, M.D., Optinose’s CEO, said in the release. “We are excited about the many ways in which this transaction creates opportunities for Xhance to help more patients achieve better symptom control while creating near- and long-term value for Optinose’s shareholders.”Paratek has been on both ends of M&A deals in the last two years. In 2023, Novo Holdings and healthcare investment firm Gurnet Point acquired Paratek for up to $462 million. That deal also featured CVR tied to a Nuzyra sales threshold for 2026. Gurnet Point was co-founded by current Biogen CEO and former Sanofi chief Christopher Viehbacher.Nuzyra won FDA approval in 2018 and pulled down 2022 sales of $137 million. At the time of Nuzyra’s approval, Leerink analysts pegged the drug's peak sales opportunity at more than $500 million.