Pharma BD Deal Intelligence

Inhale Therapeutic Systems Inc. / Bradford Particle Design plc (UK)

2001 · Acquisition/Merger · $200M · Complete

WRONG BY 66 POINTS

Inhale paid ~$200M in cash and stock for Bradford's supercritical-fluid particle technology, then shut the entire UK site five years later, publicly stating the tech didn't fit its strategy — one licensed spinout asset aside, the acquisition was effectively abandoned.

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The coverage arc

Dec 21, 2000 The Pharma Letter Bullish

Inhale Therapeutic Systems offered $20M cash plus 3.75M shares (~$200M total) for Bradford Particle Design, calling SEDS the leading supercritical-fluid…

Jan 26, 2001 Times Higher Education Bullish

The University of Bradford will be £36 million richer today after selling its share of spin-off Bradford Particle Design to Inhale for £200 million in cash and…

Jan 01, 2020 Crystec Pharma (BPD spin-out company history) Neutral

BPD was acquired by Inhale Therapeutic Systems in January 2001; the SEDS platform was widely regarded as the industry's leader in supercritical-fluid particle…

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$20M cash plus 3.75M Inhale shares (~$200M total). Supercritical-fluid particle engineering; pulmonary drug delivery.

Did it work? Outcome assessment

Inhale paid ~$200M in cash and stock for Bradford's supercritical-fluid particle technology, then shut the entire UK site five years later, publicly stating the tech didn't fit its strategy — one licensed spinout asset aside, the acquisition was effectively abandoned.

Strategic verdict
Failed to Achieve

Key facts

Related deals — scored

DealYearValueOutcome
Inhale Therapeutic Systems Inc. / Bradford Particle Design plc (UK) (this deal)2001$200M14
Inhale Therapeutic Systems Inc. / Shearwater Corporation2001$192M73
Abbott Laboratories / Knoll Pharmaceutical Company (BASF Pharma)2001$6.9B100
Vertex Pharmaceuticals Incorporated / Aurora Biosciences Corporation2001$592M95
Amgen Inc. / Immunex Corporation2001$16.0B91
Swedish Orphan Biovitrum AB / Biovitrum2001$493M84
Barr Laboratories Inc. / Duramed Pharmaceuticals Inc.2001$589M82

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