Teva acquires Labrys Biologies Inc and with it LBR 101 anti Migraine drug

Teva Pharmaceutical Industries Ltd., and Labrys Biologics, Inc., 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. With the goal of becoming a global leader in pain by 2020, the Labrys acquisition adds a significant migraine prophylaxis dimension to Teva’s extensive pain care franchise, which includes a range of investigational, approved and marketed treatments for migraine, cancer pain and chronic pain.

Labrys is developing LBR-101, a fully humanized monoclonal antibody that binds to calcitonin gene-related peptide (CGRP) currently in Phase IIb clinical trials for prevention of chronic and episodic Migraine. Teva’s acquisition complements the recent addition of Zecuity, an innovative therapy for the acute treatment of Migraine, obtained through the acquisition of NuPathe.