PTC Therapeutics Inc. acquired assets of Mountain View, Calif.-based BioElectron Technology Corp. for about $210 million in payments as part of an asset purchase agreement.

The South Plainfield, N.J.-based PTC Therapeutics paid a total of $10 million in cash up front on the closing of the deal. Up to $200 million of milestone payments may be paid to BioElectron in terms of cash or PTC's stock upon achieving certain regulatory and sales milestones, subject to conditions.

PTC, which develops and commercializes medicines for rare diseases, plans to focus its research and development expenses on EPI-743, BioElectron's drug for metabolism and mitochondrial disorders.

BioElectron develops therapeutic treatments for inherited mitochondrial diseases primarily affecting children.