Medicines Co. on Monday announced its intention to buy biotechnology company Targanta Therapeutics Corp. for about $42 million in an attempt to become a global leader on the market of critical care medicine. Under the agreement, The Medicines Company has decided to commence a tender offer to acquire 100 percent of Targanta's outstanding shares.

 

Targanta shareholders will receive $2.00 in cash up front for each common share tendered, or approximately $42 million, the company announced.

“The Medicines Company is pleased to announce our agreement to add the assets and capabilities of Targanta. The addition of Targanta's oritavancin, a late stage product, will be another step toward execution of our strategic plan to become a global leader in critical care medicine,” said Clive Meanwell, M.D., Chairman and Chief Executive Officer of The Medicines Company.

 

“Oritavancin has the potential to provide important patient outcome and economic advantages for hospitals,” Clive Meanwell, chairman and chief executive of The Medicines Co, was quoted as saying.

The Medicines Company markets Angiomax (bivalirudin) in the United States and other countries for use in patients undergoing coronary angioplasty, and Cleviprex (clevidipine butyrate) injectable emulsion in the United States for the reduction of blood pressure when oral therapy is not feasible or not desirable.

Targanta Therapeutics is focused on developing and commercializing innovative antibiotics to treat serious infections in the hospital and other institutional settings.

 

The transaction was approved by the boards of directors of both companies. The deal terms were described as “a balanced investment” to expand the product portfolio.