Menarini is to purchase Stemline Therapeutics in a deal valued at up to $677 million, establishing its presence in the US biopharma market.

The move also gives the firm access to Stemline's Elzonris (tagraxofusp), a targeted therapy currently cleared in the US to treat patients with blastic plasmacytoid dendritic cell neoplasm (BPDCN).

Under the terms of the deal, Menarini will offer Stemline shareholders a total potential consideration of $12.50 per share, consisting of an upfront payment of $11.50 in cash and one non-tradeable Contingent Value Right (CVR) that will entitle each holder to an additional $1.00 in cash per share upon completion of the first sale of Elzonris in any EU5 country after European Commission approval.

"Stemline is an excellent fit for Menarini, enabling us to expand our presence in the US with an established biopharmaceutical company focused on developing oncology therapeutics," commented chief executive Elcin Barker Ergun. “Through this acquisition, we will continue to strengthen our portfolion and pipeline of oncology assets and deliver novel therapies around the world”.

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