Harmony Biosciences Holdings in Plymouth Meeting has agreed to buy Zynerba Pharmaceuticals for up to $200 million, writes John George for Philadelphia Business Journal.

Under the deal, Harmony will pay the shareholders of the Devon-based pharmaceutical company $1.1059 per share in cash and one non-tradable contingent value right per share.

The Zynerba shareholders also reserve the right to receive potential additional payments based on the success of Zynerba’s drug candidate Zygel, which is being developed for orphan neuropsychiatric disorders like Fragile X syndrome.

“This is an important step in Harmony’s strategy to build a diversified portfolio of innovative assets to address unmet medical needs and drive our long-term growth, Dr. Jeffrey M. Dayno, Harmony’s chief executive officer, said in a statement.

“This acquisition affords us the opportunity to advance the development and delivery of a potentially transformative treatment for the symptoms of Fragile X Syndrome and other rare neuropsychiatric disorders.”

The deal is expected to close by the end of the year. Read more about the details of the proposed deal at the Philadelphia Business Journal.

____________________

More from Jeffrey Dayno.