Dublin-based biopharmaceutical group, Amryt, which specialises in the development of treatments for rare diseases, has completed the acquisition of the US business, Chiasma.

It's understood that the deal was worth $339 million.

The acquisition of Chiasma expands Amryt's portfolio of medicines.

Chiasma developed a technology that allows patients to self-medicate by administering their drugs orally rather than by injection, thus reducing the requirement to attend clinics for treatment.

Shares of Chiasma will cease trading on the Nasdaq exchange as part of the deal and shareholders will be issue with Amryt shares in exchange.

"This transaction further solidifies our position as a global leader in treating rare and orphan conditions," Dr Joe Wiley, Chief Executive Officer of Amryt said.

"The combined business will have three approved commercial products and an exciting pipeline of development assets."

Amryt also announced the appointment of Raj Kannan and Roni Mamluk to the board of the company as non-executive directors with immediate effect.