So ends a short-lived, conflict riddled, three month stint as board chair -- for Carrie S. Cox (the ex-Schering-Plough EVP):
. . . .Baxter International Inc. announced today that it has entered into a definitive agreement to acquire privately-held Prism Pharmaceuticals, Inc., a specialty pharmaceutical company based in King of Prussia, PA. Prism Pharmaceuticals has developed and received U.S. Food and Drug Administration (FDA) approval for multiple presentations of Nexterone® (amiodarone HCl), an antiarrhythmic agent. The Nexterone product portfolio, which does not contain polysorbate 80 or benzyl alcohol, includes the first and only ready-to-use premixed intravenous (IV) bag formulations as well as vials and a pre-filled syringe.
The terms of the agreement include a total consideration of up to $338 million, consisting of an upfront cash payment of $170 million at closing and up to $168 million in future sales-based milestone payments. The transaction is expected to close in the second quarter of 2011, subject to customary closing conditions and expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. This transaction is not expected to have a material impact on Baxter's 2011 financial results. . . .
So long, Ms. Cox. Under Baxter's aegis, this IV med product will be a huge seller -- the strength of Baxter's network with care facilities will be the key. All in all, a great result for the manifold venture investors in Prism.