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Ikaria To Acquire INO Therapeutics

Ikaria, a Seattle-based biotech company focused on critical care solutions, has agreed to acquire INO Therapeutics LLC, a Clinton, N.J.-based developer of gaseous drugs like inhaled nitric oxide for treatment of hypoxic respiratory failure in newborns, from Linde AG. The deal is valued at approximately $670 million, with New Mountain Capital providing around $200 million in equity. Other equity backers include Altitude Life Science Ventures, Washington Research Foundation and Alexandria Equities, while Credit Suisse will arrange the leverage. Existing Ikaria shareholders ARCH Venture Partners, Venrock Associates and 5AM Ventures will roll their equity positions into the combined company.