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Sequoia-backed Acton agrees $135m sale to strategic buyer Meda

2 Sep 2013

asthma inhaler health medicalSequoia Capital-backed asthma drug developer Acton Pharmaceuticals has been bought by international speciality pharmaceutical company Meda in a $135m deal.

The company picked up $15m in Series A funding led by Sequoia in 2010, and received another $7m in Series B financing in May this year according to a filing with the US Securities and Exchange Commission.

Acton has received FDA approval for asthma inhaler Aerospan, which includes a built-in inhalation chamber called a spacer.

In addition to the agreed $135m purchase price the deal includes a milestone payment of $10m and royalty-based milestones.

The deal is expected to close in the fourth quarter subject to customary closing conditions and approval from the US competition authorities.

Earlier this year Sequoia invested INR500m($9.1m) in India-based ophthalmology provider ASG Eye Hospital to help it set up 25 new centres over the next two years.

Rajasthan-based ASG added that it planned to build its footprint in Jharkhand, Madhya Pradesh, Uttar Pradesh, Chhattisgarh and Bihar.

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