Nutriband, a US pharmaceutical company founded by Irish entrepreneur Gareth Sheridan, is to acquire Carmel Biosciences in a $3.8 million (€3.2 million) deal.
Carmel is an Atlanta, Georgia-based company that develops prescription drugs and nutraceuticals for cardiovascular, metabolic, and central nervous system diseases.
The company recently received FDA approval for Prexxartan, the first and only approved oral liquid dosage form of the angiotensin receptor blocker (ARB) valsartan in the US.
“The Carmel Biosciences team combines a deep understanding of lipid biochemistry and clinical expertise in the cardiovascular and metabolic space,” he said. “
“Carmel’s focus in the reformulation of drugs with a high degree of safety and efficacy allows improved access to patients who have difficulty swallowing tablets or capsules and provides enhanced usage of these widely acclaimed products”.
The deal is the latest in a series of acquisitions from Nutriband, which was founded by Mr Sheridan, who comes from Dublin.
Thesis
Mr Sheridan, who was named Ireland’s Young Entrepreneur of the Year in 2014, developed the idea for Nutriband while completing his thesis as a business and management student at Dublin Institute of Technology.
The company has a number of products for cardiovascular disease, inflammatory joint disease, abuse deterrent fentanyl and diabetes in its pipeline that use the same absorption method as nicotine patches.
The business recently acquired Georgia-based 4P Therapeutics for $1.9 million. This took place nearly a year after it bought Ohio-headquartered company Advanced Health Brands, whose intellectual property (IP) was subsequently independently valued at $120.7 million.
The Florida-based company, which floated two years ago, has appointed Irish entrepreneur and former presidential candidate Seán Gallagher as its president.
