Allergan to Acquire Tobira Therapeutics in $1.7 Billion Deal
Allergan has agreed to acquire Tobira Therapeutics, a South San Francisco-based clinical-stage biopharmaceutical company focused on non-alcoholic steatohepatitis (NASH) and other liver diseases, for an upfront payment of $28.35 per share in cash, and up to $49.84 per share in contingent value rights, for a total potential consideration of up to $1.695 billion. The boards of directors of both companies have unanimously approved the transaction.
The deal is subject to customary closing conditions, including US antitrust clearance and the tender of a majority of the outstanding shares of Tobira common stock. Pending approvals, Allergan anticipates closing the transaction by the end of 2016.
Through the acquisition Allergan gains cenicriviroc (CVC) and evogliptin, two differentiated, complementary development programs for treating multi-factorial elements of NASH, including inflammation, metabolic syndromes and fibrosis. CVC is a once-daily, oral immunomodulator that blocks two chemokine receptors involved in the inflammatory and fibrogenic pathways in NASH. Evogliptin is an oral dipeptidyl peptidase-4 inhibitor for the potential treatment of NASH.
This is the second NASH-based acquisition that Allergan has made. The company has also acquired Akarna Therapeutics, a San Diego-based biopharmaceutical company focused on small molecule therapeutics for inflammatory and fibrotic diseases. This acquisition gives Allergan AKN-083, Akarna Therapeutics’ preclinical farnesoid X receptor (FXR) agonist in development for treating NASH.
Editor’s Note: This story was updated on Sept. 22 to include information on Allergan’s acquisition of Akarna Therapeutics.