Oceana Therapeutics LLC announced Tuesday that it has entered a definitive agreement to sell its operating subsidiary, Edison-based Oceana Therapeutics Inc., to Raleigh, N.C.-based Salix Pharmaceuticals Ltd. for $300 million in cash.
The sale was approved by both companies’ boards of directors, and is expected to close before the end of the year.
Oceana has two commercial products, Deflux and Solesta, that are Food and Drug Administration approved. The two products are expected to be combined into Salix’s gastroenterology treatment portfolio.
The leadership of Oceana, John T. Spitznagel, chairman and CEO, and David S. Tierney, president and chief operating officer, founded the company in 2008, after a string of consecutive “Buy & Build, Search & Develop” modeled businesses were sold. Previous companies built by the pair and sold include ESP Pharma, Espirit Pharma and Valera Pharmaceuticals.