Cipla has entered into an agreement
to acquire US based specialty Pharma Company Avenue Therapeutics Inc. for $215
Million. This is in line with Cipla strategy of building a specialty drugs
pipeline in the US.
Cipla's US subsidiary InvaGen
Pharmaceuticals Inc. will make the acquisition in two stages. In the first
stage, InvaGen or its affiliates will acquire a 33.3 per cent stake in Avenue's
via new shares for around $35 mn (currently expected to be 5,833,333 shares at
$6.00 per share).
Avenue is working on the
development and commercialization of intravenous Tramadol, an analgesic to
treat pain in adults. There is currently no approved intravenous formulation in
the US. Avenue is evaluating IV Tramadol in Phase 3 clinical program: a trial
in patients following bunionectomy surgery has been completed and a safety
study is ongoing. A pivotal Phase 3 trial in patients following abdominoplasty
surgery is expected to commence later this year in 2018.
Cipla,
which trails only Sun Pharmaceutical Industries Ltd among Indian drug makers by
market value, has been streamlining its operations globally, acquiring products
and businesses in some regions while also shedding some units to sharpen focus
on core areas.
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