Paratek Pharmaceuticals, Inc.

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. 

Paratek Pharmaceuticals is expanding beyond antibiotics and infectious disease by paying up to $330 million to acquire Optinose and its drug-device combination for chronic rhinosinusitis (CRS). Paratek will obtain Optinose’s Xhance, which features its so-called Exhalation Delivery System that administers a steroid deep into the nasal cavity. Optinose shareholders could get up to $14 per share as part of the deal, including potential payments for certain commercial milestones, according to a release late Wednesday. The upfront consideration of $9 per share represents a 50% premium to Optinose’s share price at Wednesday’s close. Xhance secured its first FDA approval in 2017 for CRS with nasal polyps, with a label expansion following in March last year for CRS without nasal polyps. But the path to label expansion wasn’t all smooth sailing: In 2023, the FDA requested more data from a patient subgroup in one of Optinose’s Phase 3 studies, delaying its regulatory review. Paratek said it plans to broaden access to Xhance from ear, nose and throat specialists to primary care providers, with an eye to maximizing the drug’s prospects in a market of around 10 million patients. In November, Optinose lowered its total 2024 revenue guidance for Xhance from $85 million to $90 million, to between $75 million and $79 million. Optinose’s shares $OPTN were up almost 60% premarket Thursday. The company canceled its fourth-quarter earnings call that had been scheduled for Thursday following the announcement of the deal, which is expected to close by the middle of the year. Xhance will join Paratek’s only marketed medicine, Nuzyra, which is an antibiotic for community-acquired bacterial pneumonia and acute bacterial skin and skin structure infection. The drug is also being evaluated for the treatment of anthrax with support from BARDA. In 2023, Paratek was acquired by Novo Holdings and Gurnet Point Capital in a $462 million take-private deal.

YARDLEY, Pa., March 19, 2025 (GLOBE NEWSWIRE) -- Optinose (NASDAQ:OPTN), a pharmaceutical company focused on patients treated by ear, nose and throat (ENT) and allergy specialists, today announced the cancellation of its earnings conference call for the quarter and full year ended December 31, 2024 that had originally been scheduled for March 20, 2025 at 8:00 a.m. Eastern Time. The call is being cancelled due to the announcement earlier today that Optinose has entered into a definitive agreement to be acquired by Paratek Pharmaceuticals, subject to shareholder and other customary closing conditions. The Company now expects to report results for the three- and twelve-month periods ended December 31, 2024, in a timely manner. About OptinoseOptinose is a specialty pharmaceutical company focused on serving the needs of patients cared for by ear, nose and throat (ENT) and allergy specialists. To learn more, please visit www.optinose.com or follow us on X and LinkedIn. Optinose Investor ContactJonathan Neelyjonathan.neely@optinose.com267.521.0531