Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) has acquired Labrys Biologics, Inc. for $200 million in upfront payment in cash as well as up to $625 million in contingent payments on achieving certain pre-launch milestones.
Labrys Biologics is a privately-held development stage biotechnology company focused on treatments for chronic migraine and episodic migraine. Potential peak sales for Labrys' lead product LBR-101 are estimated to reach $2 to $3 billion.
Teva said that with the goal of becoming a global leader in pain by 2020, the Labrys acquisition adds a significant migraine prophylaxis dimension to the company's extensive pain care franchise, which includes a range of investigational, approved and marketed treatments for migraine, cancer pain and chronic pain.
LBR-101 is a fully humanized monoclonal antibody that binds to calcitonin gene-related peptide (CGRP) currently in Phase IIb clinical trials for prevention of chronic and episodic migraine. Teva’s acquisition of the LBR-101 program targeting high frequency episodic and chronic migraine clearly complements the recent addition of Zecuity, an innovative therapy for the acute treatment of migraine, obtained through the acquisition of NuPathe.
This ability to treat both acute and chronic migraine builds on Teva’s broader pain portfolio, which was recently further strengthened by positive pivotal Phase III results achieved by Teva’s potential abuse-deterrent extended release hydrocodone. The results gave a clear indication, in a clinical setting, of the promise of Teva’s proprietary technology with potential abuse-deterrent properties in a range of opioid medications.
Teva President of Global R&D and Chief Scientific Officer Dr. Michael Hayden said, “More than 8.5 million people in the US, EU and Japan (G7) suffer from episodic or chronic migraine requiring preventative treatment, a condition that can destroy their quality of life. Teva's CGRP is a well-validated target in migraine, and 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.”
Published by Globes [online], Israel business news - www.globes-online.com - on June 3, 2014
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