Labrys’ Potential $825 Million Deal

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Labrys’ Potential $825 Million Deal

Several media sources talked up the recent financial news about Teva-buying-Labrys deal — some examples:

From SFGate:
“Israeli drug giant Teva Pharmaceutical Industries said it will shell out up to $825 million for Labrys Biologics, a San Mateo migraine drug developer formed less than two years ago. Teva said it will pay Labrys $200 million initially, and up to $625 million if its treatment achieves certain milestones before it goes to market.”

From Xconomy:
The deal marks a quick victory for the venture group—which put up a $31 million Series A for Labrys in January 2013—and particularly Corey Goodman, the neuroscientist and former Pfizer executive-turned venture capitalist who co-founded venBio and started up Labrys. Goodman established Labrys to acquire an antibody drug candidate for migraines that was originally developed by Rinat Biosciences. Pfizer acquired Rinat in 2006, and the program subsequently stalled amid various restructurings. RN-307 was a Phase 2-ready drug when Goodman scooped it up six years later and formed Labrys around it. Pfizer got an unspecified payment up front, and was promised certain milestones, sales royalties, and an unnamed “liquidity payment” if Labrys were to be acquired.”

From FierceBiotech:
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 Teva R&D chief Michael Hayden in a statement. “CGRP is a well-validated target in migraine, and Labrys has progressed the development of LBR-101 with scientific rigor and excellence.”

From GEN:
“LBR-101 is designed to target high frequency episodic and chronic migraine by binding to calcitonin gene-related peptide (CGRP). Labrys acquired LBR-101, then called RN-307, from Pfizer when it closed in December 2012 on a $31 million Series A financing round backed by venBio, Canaan Partners, InterWest Partners, and Sofinnova Ventures. RN-307 was originally discovered and developed by Rinat Pharmaceuticals, which Pfizer bought in 2006.”

 

June 7th, 2014|
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