April 18, 2011 / 1:25 PM / 8 years ago

UPDATE 1-Baxter to acquire Prism Pharma for $338 mln

* To pay $170 mln in cash, $168 mln in milestone payments

* Deal to not materially impact 2011 results (Follows allerts)

April 18 (Reuters) - Baxter International Inc said it will acquire privately held Prism Pharmaceuticals Inc for up to $338 million in cash and milestone payments to add to its portfolio of pre-mixed drugs.

Under the terms of the deal, Baxter will pay $170 million in cash and up to $168 million in future sales-based milestone payments.

Prism Pharma’s antiarrhythmic agent — drugs that are used to suppress abnormal rhythms of the heart — Nexterone is approved by the U.S. Food and Drug Administration.

Baxter was the contract manufacturer for Nexterone premixed intravenous bag formulations and pre-filled syringes.

The deal, which is to close in the second quarter, is not expected to materially impact its 2011 results, Baxter said.

Baxter’s shares closed at $54.96 on Friday on the New York Stock Exchange. (Reporting by Shravya Jain in Bangalore; Editing by Roshni Menon)

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