United Therapeutics, a Silver Spring, Maryland-headquartered biotechnology company developing therapies for treating pulmonary arterial hypertension (PAH), has signed an agreement to acquire SteadyMed, a San Ramon, California-headquartered specialty pharmaceutical company, for a total value of $216 million.

Under the agreement, United Therapeutics will acquire SteadyMed for $4.46 per share in cash at closing and an additional $2.63 per share in cash upon the achievement of a milestone related to the commercialization of Trevyent, a development-stage drug-device combination product that combines SteadyMed’s two-day, single-use, disposable PatchPump technology with treprostinil, a vasodilatory prostacyclin analog, for the subcutaneous treatment of PAH. The transaction, including $75 million in contingent consideration, is valued at $216 million.

SteadyMed is a specialty pharmaceutical company focused on the development and commercialization of drug product candidates to treat orphan and high-value diseases with unmet parenteral delivery needs. United Therapeutics is a biotechnology company focused on the development and commercialization of therapies for treating PAH and other orphan diseases.

The transaction is subject to customary closing conditions, including approval by SteadyMed’s shareholders and the expiration or termination of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, and is expected to be completed in the third quarter of 2018.