Supplier News Breaks Archives
Teva to acquire developer of migraine treatments
June 3rd, 2014
JERUSALEM and SAN MATEO, Calif. – Teva Pharmaceutical Industries Ltd. plans to acquire Labrys Biologics Inc., a development stage biotechnology firm focused on treatments for migraine headaches, for $200 million.
Teva said Tuesday that the addition of Labrys would add a significant migraine prophylaxis dimension to its pain care franchise, which includes a range of investigational, approved and marketed treatments for migraine, cancer pain and chronic pain. Teva has said it aims to become a global leader in pain treatments by 2020.
Labrys is developing LBR-101, currently in Phase IIb clinical trials for prevention of chronic migraine and episodic migraine.
“More than 8.5 million people in the U.S., EU and Japan suffer from episodic or chronic migraine requiring preventative treatment, a condition that can destroy their quality of life,” stated Michael Hayden, Teva's president of global R&D and chief scientific officer. "Labrys has progressed the development of LBR-101 with scientific rigor and excellence. With its long half-life, target specificity and favorable pharmacokinetic profile allowing for infrequent, and convenient, subcutaneous administration, LBR-101 represents a very exciting biologic product candidate, and much needed option, for the management of this truly debilitating condition."
Under the acquisition deal, which is pending regulatory approval and other closing conditions, Teva will acquire Labrys for an upfront payment of $200 million in cash at the finalization of the agreement as well as up to $625 million in contingent payments upon achievement of certain prelaunch milestones. Potential peak sales for LBR-101 are estimated to reach $2 billion to $3 billion.