Otsuka acquires Avanir for $3.5 billion
The US subsidiary of Japanese drug maker Otsuka (TYO: 4768) has acquired US CNS specialist Avanir Pharmaceuticals (Nasdaq: AVNR) for $3.5 billion in an all-cash tender offer.
Avanir developed and launched Nuedexta (dextromethorphan hydrobromide/ quinidine sulfate) 20mg/10mg capsules in the USA in February 2011 as the world’s first and only approved treatment for the neurologic disease pseudobulbar affect (PBA). Sales of Nuedexta in the twelve-month period from July 2013 through June 2014 were $94 million, a 50% increase over the prior-year period.
As well as Nuedexta, Otsuka said that the acquisition of Avanir will bring the company the late-stage investigational compound AVP-786 in clinical development to treat agitation associated with Alzheimer’s disease and Avanir’s clinical development and commercial expertise in neurologic diseases, which complements Otsuka’s capabilities in psychiatric diseases.
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