July 05, 2022 - NEW YORK - Pfizer Inc. (NYSE: PFE) and Petros Pharmaceuticals, Inc. (Nasdaq: PTPI), a leading provider of therapeutics for men’s health, today announced they have entered into a definitive agreement under which Pfizer will acquire Petros Pharmaceuticals for $3.25 per share. Under the terms of the agreement, Pfizer will acquire all the outstanding shares of Petros for $3.25 per share in an all-cash transaction for a total equity value of approximately $67.2 million. The boards of directors of both companies have unanimously approved the transaction.
The proposed transaction includes the acquisition of Petros Pharmaceuticals’ assets including:
-Avanafil:
Approved in the United States (U.S.), Canada, South America and India under the trade name STENDRA® for the treatment of erectile dysfunction
-H100™:
A nanoparticle-based topical candidate currently pursuing the 505(B)(2) pathway for the treatment of Peyronie’s disease, a condition impacting more than 1 in 10 men in the US
-A line of leading medical devices for the treatment of erectile dysfunction
“Today’s announcement builds on our legacy of delivering breakthroughs for patients living with complex disorders and diseases,” said Aamir Malik, Executive Vice President, Pfizer Chief Business Innovation Officer. “STENDRA®, a patented and leading prescription erectile dysfunction medicine in its class, coupled with Petros’ development pipeline and industry-leading portfolio of medical devices, offers hope for patients suffering from men’s health issues worldwide. We believe Pfizer is uniquely positioned to help the portfolio reach its full potential given our leading scale and capabilities, including advancing the RX-to-OTC switch for STENDRA® and internally developing the pipeline for H100™.”
“We are excited to announce Pfizer’s proposed acquisition of Petros, recognizing the market and growth potential of STENDRA®, our flagship erectile dysfunction therapy, and the untapped potential of H100™ for the treatment of Peyronie’s disease,” said Fady Boctor, Petros Pharmaceuticals’ President and Chief Commercial Officer. “Pfizer’s capabilities will accelerate our mission to deliver innovative therapeutics for men’s health issues to even more patients. We believe this transaction represents significant future value creation for patients and our collective shareholders.”
Following the closing, Petros will continue to operate as a subsidiary of Pfizer. Petros will be led by Fady Boctor, as CEO, and include other members of the current management team.
Pfizer expects to finance the transaction with existing cash on hand.
Pfizer’s acquisition of Petros is subject to the completion of customary closing conditions, including receipt of regulatory approvals and approval by Petros’ shareholders. The companies expect the transaction to close by early 2023.
J.P. Morgan acted as Pfizer’s financial advisor for the transaction with Ropes & Gray LLP acting as its legal advisor. Gemini Valuation Services LLC acted as Petros’ financial advisor for the transaction with Morgan, Lewis & Bockius LLP acting as its legal advisor.
