Teva acquires Labrys in a deal that could reach $825 million
JERUSALEM – Teva Pharmaceutical and Labrys Biologics, a privately-held development stage biotechnology company focused on treatments for chronic migraine and episodic migraine, on Tuesday announced that Teva has entered into a definitive agreement to acquire Labrys in a deal 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 Labrys’ LBR-101, currently under development, are estimated to reach $2 billion to $3 billion, Teva reported.
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, the company noted.
Labrys is developing LBR-101, a fully humanized monoclonal antibody that binds to calcitonin gene-related peptide currently in Phase IIb clinical trials for prevention of chronic and episodic migraine. Teva’s acquisition of the LBR-101 program targeting high frequency episodic and chronic migraine clearly complements the recent addition of Zecuity, a therapy for the acute treatment of migraine, obtained through the acquisition of NuPathe.
“More than 8.5 million people in the U.S., EU and Japan suffer from episodic or chronic migraine requiring preventative treatment, a condition that can destroy their quality of life,” stated Michael Hayden , Teva’s president of global R&D and chief scientific officer. “CGRP is a well-validated target in migraine, and Labrys has progressed the development of LBR-101 with scientific rigor and excellence. With its long half-life, target specificity and favorable pharmacokinetic profile allowing for infrequent, and convenient, subcutaneous administration, LBR-101 represents a very exciting biologic product candidate, and much needed option, for the management of this truly debilitating condition.”
The closing of this transaction is subject to antitrust clearance and satisfaction of other conditions.
HDMA announces 2014 DIANA Winners
ARLINGTON, Va. — HDMA on Tuesday honored pharmaceutical and consumer product manufacturers at its 2014 Business and Leadership Conference in Phoenix, through the presentation of the Association’s annual Distribution Industry Awards for Notable Achievements in Healthcare (the DIANA awards).
The DIANA awards have recognized supply chain excellence and successful trading partner relationships since 1959. The awards honor pharmaceutical and consumer product manufacturers for developing innovative new product introductions and promotions for the healthcare distribution industry. Manufacturers also are recognized for advancing trade relations by fostering strong trading partner relationships with HDMA distributor members and creating exceptional business practices that benefit the entire healthcare supply chain.
In addition, presented for the second year, the DIANA Manufacturer Partner of the Year recognizes companies for their active participation in the Association. The winning companies have at least five consecutive years of membership, regularly participate in HDMA conferences, serve on Association committees, and show support through event attendance and sponsorships.
2014 DIANA Manufacturer Partner of the Year Winners:
- HDMA Manufacturer Member With Sales to Healthcare Distributors of More Than $50 Million: Mylan
- HDMA Manufacturer Member With Sales to Healthcare Distributors of Less Than $50 Million: Upsher-Smith Laboratories.
2014 DIANA Winners:
Best New Product Introduction or Promotion Awards:
- Branded Pharmaceutical Products: Eisai for Belviq;
- Generic Pharmaceutical Products: Citron Pharma for duloxetine DR capsules USP; and
- Over-the-Counter and Home Healthcare Products: Merck Consumer Care, for Oxytrol for Women.
Best Overall Manufacturer Awards:
- Branded Pharmaceutical Product Manufacturer with Sales to Healthcare Distributors of Less Than $300 Million: Depomed;
- Branded Pharmaceutical Product Manufacturer with Sales to Healthcare Distributors of More Than $300 Million: Forest Pharmaceuticals;
- Generic Pharmaceutical Product Manufacturer with Sales to Healthcare Distributors of Less Than $100 Million: Alvogen;
- Generic Pharmaceutical Product Manufacturer with Sales to Healthcare Distributors of More Than $100 Million: Actavis; and
- Consumer Product Manufacturer: BD Medical – Diabetes Care.
Crystal Light, Miranda Lambert to go ‘Platinum’ this summer
NORTHFIELD, Ill. — Crystal Light, a brand from Kraft Foods Group, on Monday announced a partnership with singer-songwriter Miranda Lambert for her upcoming "Platinum" tour. The brand will serve as presenting sponsor for the Grammy Award-winning artist.
The Crystal Light Presents "Platinum" Tour will kick off on July 10 and visit 30 cities throughout the United States this summer. The brand will host several engagement areas at select venues. Concertgoers will be able to sample products and take advantage of giveaways.
"Crystal Light is about adding fun, guilt-free pleasure to your day, so teaming up with Miranda Lambert, a long-time fan of the brand, was a natural fit for us," said Jennifer Dahlgren, senior brand manager for Crystal Light. "We’re excited to accompany Miranda on her tour during such an exciting time in her career, and join her amazing fans in a celebration across the country this summer."