Date: 2014-07-21
Type of information: Company acquisition
Acquired company: Labrys Biologics (USA)
Acquiring company: Teva (Israel)
Amount: up to $825 million
Terms: * On July 21, 2014, Teva Pharmaceutical Industries announced the successful completion of the acquisition of Labrys.The acquisition of Labrys brings to Teva LBR-101, a fully humanized monoclonal antibody that binds to calcitonin gene-related peptide (CGRP), which is currently in Phase 2b clinical trials for prevention of chronic and episodic migraine. Teva’s acquisition of LBR-101 complements the recent acquisition of ZECUITY®, a novel iontophoretic patch that delivers sumatriptan via the skin for the acute treatment of migraine, and positions Teva to compete for leadership in the treatment and prevention of migraine. * On June 3, 2014, Teva Pharmaceutical Industries 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, broadening Teva\'s array of biotechnology assets and capabilities. Teva will acquire Labrys for $200 million in upfront payment in cash at closing as well as up to $625 million in contingent payments upon achievement of certain pre-launch milestones. Potential peak sales for LBR-101 are estimated to reach $2 to $3 billion. 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.
Details: Labrys Biologics is a private, venture-financed development stage biotechnology company focused on the preventive treatment of migraine. Labrys\' lead candidate, LBR-101 (formerly RN-307), is an anti-CGRP monoclonal antibody for the prevention of chronic and high frequency migraine currently in Phase 2b clinical development. This fully humanized monoclonal antibody binds to calcitonin gene-related peptide (CGRP). LBR-101, originally discovered by Rinat Neuroscience (bought by Pfizer in 2006), was acquired by Labrys from Pfizer in 2012. LBR-101 has successfully completed five Phase I trials with 94 healthy volunteers dosed with active drug. Results were published in Cephalalgia, the official journal of the International Headache Society , in December 2013 , and presented at the 2014 annual meeting of the American Academy of Neurology. A sixth Phase 1 study (bridging study) tested IV and subcutaneous doses (24 participants received active medication). Both intravenous and subcutaneous administrations were well tolerated. LBR-101 exhibited a long terminal half-life which supports once-monthly subcutaneous dosing. Most treatment-related adverse events were mild, transient and resolved spontaneously. The maximum tolerated dose has not been identified. LBR-101 was not associated with any clinically relevant patterns of change in vital signs, ECG parameters, or laboratory findings. In December 2012 , Labrys raised a Series A of $31 million backed by venBio, Canaan Partners , InterWest Partners and Sofinnova Ventures.
Related: CNS diseases
