Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) announced today that the acquisition of Auspex Pharmaceuticals, Inc. (NASDAQ: ASPX) has been completed through the successful tender offer for all of the outstanding shares of common stock of Auspex at $101.00 per share in cash, for $3.2 billion in enterprise value and $3.5 billion in equity value. The acquisition is expected to enhance Teva’s revenue and earnings growth profile and strengthen its core central nervous system franchise.
Auspex is an innovative biopharmaceutical company specializing in applying deuterium chemistry to known molecules to create novel therapies with the potential for improved safety and efficacy profiles. Its lead compound is SD-809 (deutetrabenazine) for the potential treatment of chorea associated with Huntington’s disease, tardive dyskinesia, and Tourette syndrome.
Teva president and CEO Erez Vigodman said, “We believe that combining the Auspex portfolio with our strong research and commercialization capabilities will unlock significant value for Teva’s shareholders. We are proud and excited to continue to work to bring innovative treatments to the underserved movement disorder markets.”
In April, data were presented on topline results of a Phase III study of SD-809 in Huntington’s in a platform presentation at the American Academy of Neurology’s Annual Meeting. The compound has been granted orphan drug status by the U.S. Food and Drug Administration and the NDA is expected to be submitted in the second quarter of this year.
Teva president of Global R&D and Chief Scientific Officer said,“The opportunity to bring relief to the many patients who face the debilitating effects of movement disorders and suffer from the effects of conditions such as chorea and tardive dyskinesia is greatly needed and humbling. We are eager to continue the exciting work that the Auspex team has started, and believe the portfolio is a natural fit for our development programs.”
Published by Globes [online], Israel business news - www.globes-online.com - on May 5, 2015
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