BioCentury
ARTICLE | Company News

Labrys Biologics Inc., Teva deal

June 9, 2014 7:00 AM UTC

Teva will acquire Labrys for $200 million in cash up front plus up to $625 million in developmental milestones. Labrys' sole compound is LBR-101, which is in Phase IIb testing to treat and prevent chronic and high frequency episodic migraine. LBR-101 is a humanized mAb that blocks the calcitonin gene-related peptide (CGRP) from binding to its receptor. The company has exclusive, worldwide rights to LBR-101 from Pfizer Inc. (NYSE:PFE, New York, N.Y.), which had shelved the program. Pfizer gained the compound through its 2006 acquisition of Rinat Neuroscience Corp. Pfizer is eligible for an undisclosed, "modest" liquidity payment, plus milestones and royalties (see BioCentury, Jan. 7, 2013). ...