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Teva to acquire migraine play Labrys

June 3, 2014 11:47 PM UTC

Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) will acquire Labrys Biologics Inc. (San Mateo, Calif.) 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.

Labrys raised $31 million in a series A round in December 2012. The company has exclusive, worldwide rights to LBR-101 from Pfizer Inc. (NYSE:PFE), which had shelved the program. Pfizer is eligible for an undisclosed, "modest" liquidity payment, plus milestones and royalties (see BioCentury, March 25, 2013). ...