Teva ready to pay up to $825 million for Labrys Biologics, and its novel migraine treatment
Israel generics giant Teva Pharmaceutical Industries (NYSE: TEVA) has entered into a definitive agreement to acquire US privately-held biotech firm Labrys Biologicals, which is focused on treatments for chronic migraine and episodic migraine, broadening Teva’s array of biotechnology assets and capabilities.
Teva will acquire Labrys for $200 million upfront in cash at closing as well as up to $625 million in contingent payments on achievement of certain pre-launch milestones. Potential peak sales for LBR-101, a chronic and episodic migraine treatment candidate now in Phase IIb testing, are estimated to reach between $2 billion and $3 billion. The closing of this transaction is subject to antitrust clearance and satisfaction of other conditions.
Will add to existing pain portfolio including Zecuity
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