Allergan Completes $560 M Acquisition of Naurex
Allergan plc has successfully completed its previously announced acquisition of Naurex Inc., a clinical-stage biopharmaceutical company focused on central nervous system, drugs, including depression. Allergan acquired Naurex for a $560 million upfront payment net of cash acquired, $460 million of which is payable upon the closing of the acquisition and $100 million of which is payable by January of 2016 as well as potential R&D success-based and sales-threshold milestone payments.
The acquisition of Naurex strengthens Allergan’s development pipeline in mental health with the addition of Naurex’s lead development product, rapastinel (GLYX-13), a once-weekly intravenous Phase III-ready molecule for treating depression. The acquisition also adds Naurex’s development product, NRX-1074, an oral antidepressant in Phase I development. Rapastinel and NRX-1074 are both targeted modulators of the N-methyl-D-aspartate (NMDA) receptor. Both therapies have been found to be well-tolerated in all studies to date, with no drug-related serious adverse events. These therapies add to Allergan’s late-stage mental health research and development portfolio, with therapies in development to treat schizophrenia, bipolar disorder, and chronic migraine.