Meda has signed an agreement to acquire Alaven, a U.S.-based specialty pharmaceutical company. The acquisition is intended to enhance Meda’s marketing capabilities in the U.S. and expand its therapeutic focus to include both gastroenterology and women’s health, both areas that Meda operates in outside of the U.S.

Alaven also has a strategic OTC platform that accounts for approximately 25% of sales. The OTC business will further diversify Meda’s revenue base in the U.S., as well as serve as a platform for commercializing strategic pipeline opportunities. Overall sales for Alaven were approximately $109 million in 2009. The company has 180 employees, of which 150 are dedicated to marketing and sales. All manufacturing is outsourced to third parties.

Meda will pay $350 million on a cash and debt-free basis, with net debt estimated to be $63 million. The transaction is fully financed by Meda’s existing credit facilities, and is expected to close by early October, pending regulatory review.

“Alaven’s products and business model are very similar to Meda’s and we look forward to integrating their proven capabilities. The acquisition of Alaven enables our operations in the US to become stronger and more profitable by taking advantage of cost and marketing synergies. It is not easy to find U.S. specialty pharma companies of this caliber, therefore we are very pleased,” said Meda’s chief executive officer, Anders Lönner.