Caraco, Sun to merge
DETROIT — Generic drug maker Caraco Pharmaceutical Industries will merge with Sun Pharmaceutical Industries, Caraco said Tuesday.
Sun, which already owns 75.8% of Caraco, will pay $5.25 per share for the remaining shares of Caraco that it doesn’t already own and make Caraco a private company.
Sun originally made the going private offer in December, offering $4.75 per share for Caraco.
Gilead to acquire Calistoga
FOSTER CITY, Calif. — Drug maker Gilead Sciences plans to buy out a privately owned Seattle company that makes treatments for cancer and inflammatory diseases, Gilead said Tuesday.
The Foster City, Calif.-based company will buy Calistoga Pharmaceuticals for $375 million, plus additional milestone payments of up to $225 million.
Calistoga is currently developing CAL-101, which is in phase-2 studies, as a treatment for leukemia and non-Hodgkin’s lymphoma. The company specializes in drugs that target PI3K, an enzyme pathway that helps control the reproduction, survival and activity of cells.
Forest to acquire Clinical Data
NEW YORK — Drug maker Forest Labs plans to acquire the developer of a recently approved antidepressant.
Forest announced that it would pay $1.2 billion, or $30 per share, to acquire Clinical Data, saying the acquisition would give it control of the drug Viibryd (vilazodone hydrochloride), a treatment for major depressive disorder in adults that won Food and Drug Administration approval last month. The agreement also includes up to $6 per share in addition for milestones related to Viibryd.
“We are pleased to enter into this agreement with Clinical Data,” Forest chairman, president and CEO Howard Solomon said. “Depression is a debilitating disease that affects the daily lives of millions of patients. We believe that we are uniquely positioned to bring Viibryd to market in light of our long and successful experience of clinical development and expertise in the antidepressant market.”