Monday, February 10, 2014

Mast Therapeutics Buys Aires Pharmaceuticals

San Diego-based biopharmaceuticals developer Mast Therapeutics announced this morning that it has acquired AIres Pharmaceuticals, a company developing therapies to treat pulmonary vascular disorders. Mast Therapeutics said the deal is an all-stock transaction, giving it ownership of Mast Therapeutics in exchange for what represents 6 percent of its outstanding common stock. At Mast's current market value the deal looks to be worth around $5.2M. Mast Therapeutics said the move is to its advantage, considering that San Diego-based Aires had recently raised $20M in venture financing, on top of several completed venture financings. Mast Therapeutics said that Aires lead product is and intermittently nebulized formulation of nitrite and has orphan drug status with the U.S. Food and Drug Administration and the European Medicines Agency for the treatment of pulmonary arterial hypertension.