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Shares of OptiNose OPTN soared 52.5% on Thursday after the company announced that it is set to be acquired by Paratek Pharmaceuticals, a private biotech. This deal will add OPTN’s approved product, Xhance (fluticasone propionate), to the latter’s commercial portfolio.
Xhance is an innovative drug-device therapy for chronic rhinosinusitis (CRS), with or without nasal polyps. Utilizing its proprietary Exhalation Delivery System, it delivers a corticosteroid directly to the site of inflammation, improving patient outcomes while potentially reducing the need for invasive or costly treatments.
The acquisition enables OptiNose to expand Xhance’s market reach, addressing long-standing challenges in adoption. Paratek’s strong commercial infrastructure will help drive awareness, particularly among primary care providers who treat most CRS patients.
Paratek’s recently expanded primary care field force, combined with OptiNose’s specialist sales expertise, positions the company to accelerate Xhance’s adoption across both ear, nose, and throat (ENT) and allergy specialists and the broader primary care market, maximizing its commercial potential.
Year to date, shares of OptiNose have rallied 37% against the industry’s 0.1% decline.
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Xhance was initially approved in 2017 for CRS with nasal polyps and marketed primarily to ENT and allergy specialists. In 2024, the product’s label was expanded to include CRS without nasal polyps, increasing its market potential nearly tenfold by bringing primary care providers into its prescriber base. Subsequently, OPTN’s Xhance became the only approved therapy for CRS patients regardless of nasal polyp status, reinforcing its position in a market with substantial unmet clinical needs.
This impending acquisition will also broaden Paratek’s commercial portfolio beyond its flagship antibiotic, Nuzyra (omadacycline). It will reinforce Paratek’s status as a multi-product company dedicated to developing innovative specialty therapies for primary care providers and specialists, tackling critical medical health challenges.
Nuzyra is a once-daily oral and intravenous antibiotic approved for the treatment of adults with community-acquired bacterial pneumonia and acute bacterial skin and skin structure infections. Notably, a significant portion of the primary care physicians currently engaged by Paratek for Nuzyra also manage patients with CRS, presenting a meaningful overlap that enhances salesforce efficiency and market reach.
Financial Consideration for OPTN’s Impending Acquisition
Under the agreement, all outstanding shares of OptiNose will be acquired by Paratek for $9 per share in cash, with the potential for an additional $5 per share in contingent value rights, depending on Xhance achieving certain specified revenue milestones. This brings the total deal value to up to $330 million.