Teva Pharmaceutical Industries has entered into a definitive agreement to acquire Labrys Biologics, Inc., a privately-held biotechnology company focused on treatments for chronic and episodic migraine, for $200 million in cash and as much as $625 million in potential milestones.
Labrys has 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 in Phase IIb trials for prevention of chronic and episodic migraine.
“More than 8.5 million people in the U.S., EU and Japan (G7) suffer from episodic or chronic migraine requiring preventative treatment, a condition that can destroy their quality of life,” said 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.”
“Teva is the ideal company to continue Labrys’ efforts to rapidly advance the LBR-101 program and bring a much needed product to market,” said Steven P. James, Labrys’ president and chief executive officer. “Since closing a Series A investment round in 2013, Labrys has made remarkable strides advancing LBR-101 in a robust Phase 2 development program and attracting a high caliber company in Teva to complete clinical development.”