Create a free Manufacturing.net account to continue

Teva To Spend $200M On Labrys Biologics

Teva Pharmaceutical Industries Ltd. plans to expand its lineup of migraine treatments by purchasing Labrys Biologics in a deal that could ultimately be worth more than $800 million.

Teva Pharmaceutical Industries Ltd. plans to expand its lineup of migraine treatments by purchasing Labrys Biologics in a deal that could ultimately be worth more than $800 million.

The Israeli drugmaker said Tuesday that it will pay $200 million in cash up-front for the privately held drug developer and possibly an additional $625 million in milestone payments.

Labrys Biologics has no products on the market, but Teva cited the San Mateo, California, company's experimental drug for the prevention of chronic migraines as a key reason behind the deal. The drug, labeled LBR-101, is in midstage clinical testing.

Teva said the drug will complement the migraine treatment patch Zecuity that it acquired with the purchase of NuPathe Inc. Teva also is developing a potential abuse-resistant, extended-release version of the pain treatment hydrocodone.

U.S.-traded shares of Teva slipped 36 cents to $51.59 Tuesday morning, while the Standard & Poor's 500 index also fell slightly.


More from MBTMag.com

Food Company To Bring 500 Jobs To S.C.

J.M. Smucker Raising Prices For Packaged Coffee

Little Public Action In China Cyberspying Case

Explore more news here.

More in Operations