Actelion set to buy CoTherix

European firm Actelion has announced that it has signed a definitive agreement to purchase CoTherix, a US-based company that markets pulmonary arterial hypertension (PAH) treatment Ventavis (iloprost).

Directors from both companies have approved the deal which consists of an offer by Actelion of $420 million (221.8 million pounds) for CoTherix – $13.50 for each share in the company.

Jean-Paul Clozel, chief executive officer of Actelion, reported that it had been at the forefront of those advocating enhanced treatment for PAH.

“By applying the proven abilities of our drug development team with those of CoTherix, we are committed to accelerating Ventavis’ development in order to support today’s trend of combining agents from multiple drug classes to improve treatment outcomes for patients.”

He added that the acquisition of CoTherix would not alter the culture at Actelion with regards to its development, discovery and marketing of novel pharmaceuticals, stating that the company would have up to five potential treatments in phase III of clinical trials in the next year.

Last month, Actelion announced its financial figures for the first nine months of the year, recording revenues of CHF 684.3 million (290.5 million pounds) and a net profit of CHF 171.8 million.