US-based biotechnology company United Therapeutics has agreed to acquire life sciences company Miromatrix Medical for an aggregate price of around $91m.
Based in Minnesota, Miromatrix is involved in the development of bioengineered organs, including human cells.
United Therapeutics will begin a tender offer to purchase all of Miromatrix's outstanding shares for $3.25 each in cash upon closing.
The deal includes a payment of an additional $1.75 for each share in cash on achieving a clinical development milestone for Miromatrix's mirokidney by 31 December 2025.
The mirokidney is a development-stage, fully implantable, manufactured kidney product.
Miromatrix has also developed a perfusion technology platform for bioengineering organs that is expected to address the scarcity of accessible human organs.
The company is initially focusing on the development of human livers and kidneys.
United Therapeutics chairperson and CEO Martine Rothblatt said: “At United Therapeutics, we are determined to rectify the severe shortage of transplantable organs.
“We expect that Miromatrix will help us in this mission, bringing a number of new approaches, highly skilled personnel and state-of-the-art facilities as additional shots on goal to complement our existing organ manufacturing programmes.”
With its acquisition of Miromatrix, United Therapeutics aims to expand its current organ manufacturing programmes, such as xenotransplantation, 3-D bioprinting, x-vivo lung perfusion and regenerative medicine approaches.
The deal is expected to close in the fourth quarter of this year if it meets customary closing conditions.
Miromatrix CEO Jeff Ross said: “United Therapeutics’ dedication to solving the chronic shortage of transplantable organs is a vision we share at Miromatrix.
“This transaction provides our shareholders with a substantial premium and allows them to participate in the potential upside of our combination while accelerating the development of our pipeline as we strive to make bioengineered organs a reality for the many patients in need.”
