Teva Completes Acquisition of Labrys BiologicsBy
Teva Pharmaceutical Industries Ltd. has completed the acquisition of Labrys Biologics Inc,, a privately held development-stage biotechnology company focused on treatments for chronic migraine and episodic migraine. Teva had announced in June 2014 that it was acquiring Labrys for $200 million in an upfront payment in cash at closing as well as up to $625 million in contingent payments upon achievement of certain pre-launch milestones.
The acquisition of Labrys brings to Teva LBR-101, a fully humanized monoclonal antibody that binds to calcitonin gene-related peptide (CGRP), which is currently in Phase IIb clinical trials for prevention of chronic and episodic migraine. Teva's acquisition of LBR-101 complements the recent acquisition of Zecuity, an iontophoretic patch that delivers sumatriptan via the skin for the acute treatment of migraine and positions Teva to compete for leadership in the treatment and prevention of migraine. LBR-101 was originally discovered by Rinat Neuroscience (bought by Pfizer in 2006), was acquired by Labrys from Pfizer in 2012. Potential peak sales for LBR-101 are estimated to reach $2 billion to $3 billion, according to a June 2014 press release by Teva.
Additionally, the growing migraine franchise forms part of a strategic expansion of Teva's overall central nervous system portfolio, in addition to a number of products in development for a broad range of pain states and in particular a large development program in the field of potential abuse-deterrent opioids.
Source: Teva Pharmaceutical Industries