Prosonix to be acquired by Circassia Pharmaceuticals plc for up to GBP 100 million (EUR 138 million)

Oxford, UK – Prosonix, an innovative specialty pharmaceutical company developing a portfolio of inhaled Respiratory Medicines by Design, announced that it signed a definitive agreement to be acquired by Circassia Pharmaceuticals plc for a total cash consideration of up to £100 million (€138 million), of which £70 million (€97 million) is payable upfront on completion and £30 million (€41 million) on the achievement of a near term milestone.

Prosonix's near-term asthma products will be added to Circassia’s portfolio of novel allergy immunotherapies to complement its commercial offering.

Gilde Healthcare supported Prosonix in several financing rounds as one of the largest shareholders.

About Prosonix
Prosonix is a UK specialty pharmaceutical company focused on the development of a range of product candidates for the treatment of asthma and COPD.  Prosonix's portfolio is based on its proprietary particle engineering technology and Prosonitron® reactor system, which enables precise control of pharmaceutical product crystallisation during manufacture, and subsequent delivery characteristics.  Prosonix's technology platform is established at commercial scale, and its lead product is currently under review by UK regulatory authorities with a decision anticipated in H2 2015, with additional product filings planned in H2 2015 and H1 2016. Prosonix was originally established in 2006.  Prosonix was formed from the spin-out of certain assets and intellectual property from Accentus plc, part of AEA Technology plc. Initially, Prosonix provided technology services to the life science and chemical industries, prior to raising funding in three rounds to support its transition into a specialty pharmaceutical business focused on developing treatments for asthma and/or COPD. Prosonix is based at the Oxford Science Park, Oxford, UK, and has 22 full-time equivalent employees.

About Gilde Healthcare
Gilde Healthcare (Utrecht, The Netherlands and Cambridge, Massachusetts, US) is a private equity investor focused on fast growing healthcare businesses. It manages €550 million across two business lines. The Gilde Healthcare Technology funds target companies developing home & digital health solutions, medical devices and medicines in Europe and the USA. The Gilde Healthcare Services funds focus on healthcare service providers, such as specialist clinics, elderly care, primary care, mental health and other healthcare service providers in the Benelux and Germany. For a list of Gilde’s portfolio companies please visit the website at www.gildehealthcare.com