NEW YORK (AP) -- Drug and medical device maker Baxter International Inc. said Monday that it acquired arrhythmia drug maker Prism Pharmaceuticals Inc. in a deal that could be worth up to $338 million.
Baxter said it will pay $170 million in cash upfront for Prism, which is based in King of Prussia, Pa. The deal includes up to $168 million in potential payments if Prism's products reach sales milestones. Prism sells the drug Nexterone, which is used to treat and prevent arrhythmia. Baxter makes the premixed IV bags and syringe used to deliver the drug.
Prism had been privately held, and Baxter said the deal should close during the second quarter. The Deerfield, Ill., company said the acquisition will not have a significant effect its 2011 results.
Baxter shares fell 71 cents to $54.25 in morning trading.