Takeda Pharmaceutical has agreed to acquire URL Pharma for an upfront payment of $800 million and future performance-based, contingent, earn-out payments. The company announced the deal last week.

URL Pharma’s lead product is Colcrys (colchicine), a drug used to treat and prevent gout flares. Net sales for Colcrys in calendar year 2011 were more than $430 million, accounting for a major portion of URL’s 2011 revenues of $600 million. The drug complements Takeda’s position in the gout marketplace with Uloric (febuxostat), which is used to lower blood uric acid levels in adults with gout.

URL is headquartered in Philadelphia and has approximately 500 employees. In addition, URL Pharma has a contracted sales force consisting of approximately 350 individuals. The deal is expected to close in 60 days.