Respironics, a US-based company specialising in sleep and ventilation products, is to make a $44.6 million (€37.3m) cash offer for Profile Therapeutics of the UK.
Profile has developed a platform of delivery devices for respiratory drugs, including a novel hand-held nebuliser called ProDose Handheld that is nearing the market, and would operate as a subsidiary of Respironics' drug delivery division.
Meanwhile, Profile also has activities in sleep products, so it fits nicely with Respironics' core focus, according to the two companies.
The UK company, which distributes, develops and commercialises speciality products to improve the treatment of sleep and respiratory patients, would become a wholly owned subsidiary of Respironics and would be integrated into its international division and its respiratory drug delivery division (formerly the asthma and allergy division).
Profile's core respiratory delivery system is an innovative platform that uses a so-called 'intelligent inhalation' technology - called Adaptive Aerosol Delivery (AAD) - that is designed to automatically respond to a patients' breathing patterns to deliver a precise dose synchronised with the patient's inhalation cycle.
Profile claims that the technology has the potential to benefit patients by ensuring a uniform drug dose and reproducible therapy, and in addition, allows for smaller fill volumes of drug to be used compared to conventional nebulisers.
Profile's second generation AAD system, Prodose, has been approved for use in the UK, various markets in Europe and has recently received 510K clearance from the US Food and Drug Administration (FDA).
The acquisition has been approved by the boards of directors of both companies and completion is expected around the end of the second quarter of this year.
Profile, which has represented Respironics' sleep and ventilation products in the UK for some 15 years, reported revenues for the last 12 months of £14.6m (€21.8m).