Agile Therapeutics on Wednesday said it is merging with Insud Pharma S.L., a global pharmaceutical group based in Spain. Insud, through its U.S. subsidiary, Exeltis Project, plans to acquire Agile for $1.52 per share in cash for an approximate total enterprise value of $45 million.
The Princeton-based women’s health care company was launched with the goal of improving women’s health through innovative, clinically differentiated products. One such product was Agile’s low-dose combined hormonal contraceptive patch, Twirla.
“We are proud of what we have been able to accomplish with our small, dedicated team. Now, we are excited about the future of Twirla in the hands of Exeltis, Insud’s U.S. subsidiary, which we believe has the organization and resources to build on the growth momentum we have created. We believe this is the right path for Agile, provides a substantial premium to our current stock price, and a good development for women’s health,” Agile Chairperson and CEO Al Altomari said.
The board of directors of Agile has unanimously approved the transaction, which is expected to close in the third quarter.
