Jazz Pharmaceuticals, a specialty biopharmaceutical company focused on unmet medical needs, has agreed to acquire biopharmaceutical Gentium for a cash tender offer of $57 per share for all outstanding Gentium ordinary shares and American Depositary Shares, in a transaction valued at approximately $1 billion.

Gentium is a biopharmaceutical company focused on the development and manufacturing of therapies to treat and prevent a variety of rare diseases and conditions that currently have few or no treatment options, including orphan vascular diseases related to cancer treatments. In October, the European Commission granted marketing authorization for Defitelio (defibrotide), the company's lead product, for the treatment of severe hepatic veno-occlusive disease (VOD) in adults and children undergoing hematopoietic stem cell transplantation.

Bruce Cozadd, chairman and CEO of Jazz Pharmaceuticals, said, "Because Defitelio is already approved in the E.U., the acquisition would add a new orphan product that has potential for short- and long-term revenue generation, high growth and expansion of our multi-national commercial platform."

This transaction has been approved by both companies’ boards of directors.