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June 3, 2014
09:26 EDTTEVATeva to acquire Labrys Biologics for $200M upfront, up to $625M additionally
Teva Pharmaceutical and Labrys Biologics, a privately-held development stage biotechnology company focused on treatments for chronic migraine and episodic migraine, announced that Teva has entered into a definitive agreement to acquire Labrys for $200M in upfront payment in cash at closing as well as up to $625M in contingent payments upon achievement of certain pre-launch milestones. Labrys is developing LBR-101, a fully humanized monoclonal antibody that binds to calcitonin gene-related peptide 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 complements the recent addition of Zecuity, a therapy for the acute treatment of migraine, obtained through the acquisition of NuPathe, Teva said. Potential peak sales for LBR-101 are estimated to reach $2B-$3B, the companies said.
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