M&A News: J&J, Dr. Reddy’s, AbbVie & More 

The latest news on mergers and acquisitions featuring Johnson & Johnson/Proteologix, Dr. Reddy’s Laboratories/Haleon, ANI Pharmaceuticals/Alimera Sciences and AbbVie/Celsius Therapeutics. Highlights below. 

* J&J Completes $850-M Acquisition of Proteologix
* Dr. Reddy’s To Acquire Nicotine-Replacement Therapies From Haleon for $632 M 
* ANI Pharmaceuticals To Acquire Alimera Sciences For $381 M 
* AbbVie Completes $250-M Acquisition of Celsius Therapeutics 

J&J Completes $850-M Acquisition of Proteologix 
Johnson & Johnson (J&J) has completed its $850-million acquisition of Proteologix, a bio/pharmaceutical company focused on bispecific antibodies for immune-mediated diseases,. The deal, which includes potential further milestones, was announced in May 2024. 

Proteologix’s portfolio includes PX128, a bispecific antibody, ready to enter Phase I development, for treating moderate-to-severe (eczema) and moderate-to-severe asthma, and PX130, a bispecific antibody in preclinical development for moderate-to- severe atopic dermatitis.   

Source: Johnson & Johnson 

Dr. Reddy’s To Acquire Nicotine-Replacement Therapies from Haleon for $632 M  
Dr. Reddy’s Laboratories has agreed to acquire Haleon’s global portfolio of consumer healthcare brands in the nicotine replacement therapy category outside of the US, in a deal worth up to $632 million ($579 million upfront and $53 million in milestone payments). Haleon is the consumer healthcare company spun off from GlaxoSmithKline in 2022. 

The portfolio to be acquired consists of Nicotinell, a chewing gum to help stop smoking, with a footprint in over 30 countries spanning Europe, Asia (including Japan), and Latin America, as well as local market brand names of the product: Nicabate in Australia, Thrive in Canada, and Habitrol in New Zealand and Canada. The proposed acquisition will be inclusive of all formats, such as lozenge, patch, and gum as well as pipeline products, in all applicable global markets outside of the US. 

Dr. Reddy’s will acquire the share capital of Northstar Switzerland SARL, the Haleon company with Nicotinell, for a total consideration of £500 million ($632 million) with an upfront cash payment of £458 million ($579 million) and performance-based contingent payments of up to £42 million ($53 million), payable in 2025 and 2026. The closing of the transaction is subject to satisfactory completion of customary conditions to closing, including regulatory approvals. The transaction is expected to close early in the fourth quarter of 2024. 

Source: Dr. Reddy’s Laboratories 

ANI Pharmaceuticals To Acquire Alimera Sciences For $381 M 
ANI Pharmaceuticals, a Baudette, Minnesota-based bio/pharmaceutical company, has agreed to acquire Alimera Sciences, an Alpharetta, Georgia-based bio/pharmaceutical company, for $381 million. 

Alimera’s two commercial products treat diabetic macular edema (DME) and chronic non-infectious uveitis affecting the posterior segment (NIU-PS) of the eye. Iluvien (fluocinolone acetonide intravitreal implant 0.19 mg) is indicated for DME in the US, EU and the Middle East as well as for NIU-PS in Europe and the Middle East. Yutiq (fluocinolone acetonide intravitreal implant 0.18 mg) is available in the US only and is indicated for the treatment of chronic NIU-PS. 

Under the agreement, ANI will acquire Alimera for $5.50 per share in cash at closing and one non-tradable contingent value right representing the right to receive up to $0.50 per share upon the achievement of certain net revenue targets in 2026 and 2027. The transaction, which values Alimera at approximately $381 million in upfront consideration, has been approved by both the ANI and Alimera Boards of Directors and is expected to close late in the third quarter of 2024. 

Source: ANI Pharmaceuticals 

AbbVie Completes $250-M Acquisition of Celsius Therapeutics 
AbbVie has completed the acquisition of Celsius Therapeutics, a Cambridge, Massachusetts-based bio/pharmaceutical company, for $250 million.  

Celsius’ lead investigational asset is CEL383, a TREM1 antibody that has completed a Phase I clinical study for the treatment of inflammatory bowel disease. AbbVie has acquired all outstanding Celsius equity for $250 million in cash, subject to certain customary adjustments. 

Source: AbbVie