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Supernus bolsters Parkinson’s portfolio with $400M deal

Supernus Pharmaceuticals Inc said on Monday it would buy Adamas Pharmaceuticals Inc for about $400 million, to expand its roster of treatments for Parkinson’s disease and reduce reliance on its top-selling epilepsy medicine.

Supernus, which makes drugs for central nervous system disorders, will get access to Adamas’ products Gocovri extended release capsules and Osmolex ER for treating Parkinson’s disease.

Adamas shareholders will get a cash payment of $8.10 per share, a premium of 75.7% to Adamas’ Friday closing price. They are also entitled to an additional payment of up to $1.00 per share subject to certain net sales milestones for Gocovri.

The deal will help Supernus reduce dependence on Trokendi XR, used to prevent migraines and treat epilepsy, which made up about 57% of Supernus’ net product sales of $138.6 million in the second quarter.

“This is exactly the type of transaction that Supernus is built to do, and must do, to leverage its commercial infrastructure,” Cowen analyst Ken Cacciatore said in a client note.

Adamas shares were up 76% at $8.06, while Supernus rose 4.4% in midday trading.

In addition to treating a movement disorder called dyskinesia in patients receiving a common Parkinson’s drug levodopa, Gocovri earlier this year also received U.S. approval to treat “off-episodes” of Parkinson’s disease, during which a patient’s regular therapy does not work well.

The new approval expands the addressable patient population of Gocovri to about 400,000 to 500,000 Americans, according to estimates from Supernus. The drug brought in sales of $20 million in the latest reported quarter.

Cowen’s Cacciatore said Supernus will help exploit the recent label expansion, which compliments the original approval.

Supernus in June last year completed its deal for a portfolio of drugs targeting the central nervous system from US WorldMeds, expanding further into developing treatments for Parkinson’s disease.

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