DUBLIN, Nov. 22, 2016
/PRNewswire/ -- Allergan plc (NYSE: AGN), a leading global
pharmaceutical company, today announced that it has completed the
acquisition of Chase Pharmaceuticals Corporation, a clinical-stage
biopharmaceutical company focused on the development of improved
treatments for neurodegenerative disorders including Alzheimer's
disease (AD), Allergan acquired Chase for an upfront payment of
$125 million (subject to certain
adjustments) and additional potential regulatory and sales
milestone payments related to Chase's lead compound, CPC-201, and
certain backup compounds.
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"Alzheimer's disease is a neurodegenerative disease that
represents a major and growing global public health problem,
for which very few approved treatment options are available, and
the societal cost is measured in hundreds of billions of dollars,
so the need for improved treatment choices is paramount," said
David Nicholson, Chief Research
& Development Officer, Allergan. "This acquisition adds a new
Phase 3 ready program for Alzheimer's disease to our CNS portfolio
and builds on our commitment to develop innovative approaches to
improve the lives of millions of patients suffering from this
devastating illness."
Chase's lead compound, CPC-201, is a patent-protected
combination of the most commonly prescribed acetylcholinesterase
inhibitor (AChEI), donepezil, and the peripherally acting
cholinergic blocker, solifenacin. AChEIs have been shown to improve
cognition in Alzheimer's disease patients. Currently approved
AChEIs are only modestly effective due to dose-limiting side
effects, including diarrhea, nausea and vomiting.
In Phase 2 clinical trials, 29 out of 33 patients (88%) reached
40 mg/day of donepezil (maximum dose allowed), without experiencing
dose-limiting adverse events. This median donepezil dose did not
change significantly during three months of maintenance treatment.
Chase's next-generation formulations offer the possibility of
greater and more tolerable dosing, and may provide the potential
for significantly improved cognition and function in Alzheimer's
disease patients.
Chase Pharmaceuticals recently completed an End of Phase 2
meeting with the Food and Drug Administration (FDA). Based on
feedback from the FDA, Allergan intends to advance CPC-201 into a
single Phase 3 registration study in 2017.
"We at Chase Pharmaceuticals are passionate about developing and
bringing to physicians and their patients profoundly improved
Alzheimer's disease treatments. I am very excited that
Allergan has recognized the strong clinical value of our
development programs and look forward to seeing Allergan apply its
leading clinical development and regulatory expertise to bring
these potential treatments forward for patients," said Douglas Ingram, Chief Executive Officer and
President, Chase Pharmaceuticals Corporation.
"We believe our lead candidate, CPC-201, will offer a
significant improvement over existing therapy in
the symptomatic treatment of Alzheimer's
disease, and will benefit all those suffering from this
disease," said Thomas Chase,
co-founder and Chief Scientific Officer of Chase
Pharmaceuticals.
"When determining appropriate treatment for my patients with
Alzheimer's, I am looking for treatments that provide a beneficial
effect with the lowest possible side effect profile," said
Jeffrey L. Cummings, MD, ScD,
Director of the Cleveland Clinic's Lou Ruvo Center for Brain Health
and the Camille and Larry Ruvo Chair of the Neurological Institute
at Cleveland Clinic and a former consultant for Chase
Pharmaceuticals. "The potential to provide improved cognition
without the dose-limiting side effects of currently available
AChEIs would be a welcome advance for medical professionals, their
patients and caregivers who seek better approaches to manage the
symptoms of Alzheimer's disease."
About Cognitive Impairment in Alzheimer's Disease and other
CNS Diseases1
Today there is significant unmet medical need and heavy economic
burden across multiple diseases characterized by cognitive
impairment and dementia. Healthcare costs associated with AD and
dementia (estimated at over $640
billion for North America,
Western Europe and Asia-Pacific) including nursing home care,
continue to grow dramatically and new therapies with better and
more durable efficacy are urgently needed. It is estimated that
more than 45 million people worldwide have dementia (4.8 million in
North America, 7.5 million in
Western Europe, 3.6 million in
Asia-Pacific) and this is expected
to increase to more than 130 million in 2050. Alzheimer's disease
is the most common cause of dementia and may contribute to 60–70%
of cases. In addition, an estimated 1.4 million patients in the US
suffer from Lewy body dementia.
1Sources: World Health Organization,
Alzheimer's Disease International, National Institute of Mental
Health, Lewy Body Dementia Association.
About Allergan plc
Allergan plc (NYSE: AGN), headquartered in Dublin, Ireland, is a bold, global
pharmaceutical company and a leader in a new industry model –
Growth Pharma. Allergan is focused on developing,
manufacturing and commercializing branded pharmaceuticals, devices
and biologic products for patients around the world.
Allergan markets a portfolio of leading brands and best-in-class
products for the central nervous system, eye care, medical
aesthetics and dermatology, gastroenterology, women's health,
urology and anti-infective therapeutic categories.
Allergan is an industry leader in Open Science, the Company's
R&D model, which defines our approach to identifying and
developing game-changing ideas and innovation for better patient
care. This approach has led to Allergan building one of the
broadest development pipelines in the pharmaceutical industry with
70+ mid-to-late stage pipeline programs in development.
Our Company's success is powered by our more than 15,000 global
colleagues' commitment to being Bold for Life. Together, we build
bridges, power ideas, act fast and drive results for our customers
and patients around the world by always doing what it is right.
With commercial operations in approximately 100 countries,
Allergan is committed to working with physicians, healthcare
providers and patients to deliver innovative and meaningful
treatments that help people around the world live healthier lives
every day.
For more information, visit Allergan's website at
www.Allergan.com.
About Chase Pharmaceuticals
Chase Pharmaceuticals Corporation is a clinical-stage
biopharmaceutical company focused on the development and
commercialization of improved treatments for neurodegenerative
disorders. Chase's development program, if successful, will
profoundly improve the symptomatic treatment of Alzheimer's
disease. The company was co-founded by Thomas Chase, MD, the former Scientific Director
and head of the Experimental Therapeutics Branch for the National
Institute of Neurological Disorders and Stroke and Kathleen Clarence-Smith, MD, PhD, the former
head of CNS development at each of Sanofi, Hoffmann-La Roche and
Otsuka. Chase is led by its chief executive officer and president,
Douglas Ingram, formerly the
president of Allergan, Inc. Chase's Board is headed by its Chair,
Greg Parekh, founding partner of New
Rhein Healthcare Investors, LLC, and formerly worldwide head of
M&A at Novartis.
Chase has closed over $24 million
in funding, with approximately $22
million through a Series B financing led by New Rhein
Healthcare Investors, LLC and including, among others, Edmond de
Rothschild Investment Partners, Cipla Ventures and Brain Trust
Accelerator Fund.
Chase was represented in this transaction by the law firm Hogan
Lovells and advised by investment bank Cowen and Company.
Allergan Cautionary Statement Regarding Forward-Looking
Statements
Statements contained in this press release that refer to future
events or other non-historical facts are forward-looking statements
that reflect Allergan's current perspective of existing trends and
information as of the date of this release. Except as expressly
required by law, Allergan disclaims any intent or obligation to
update these forward-looking statements. Actual results may differ
materially from Allergan's current expectations depending upon a
number of factors affecting Allergan's business. These factors
include, among others, the difficulty of predicting the timing or
outcome of FDA approvals or actions, if any; the impact of
competitive products and pricing; market acceptance of and
continued demand for Allergan's products; difficulties or delays in
manufacturing; and other risks and uncertainties detailed in
Allergan's periodic public filings with the Securities and Exchange
Commission, including but not limited to Allergan's Annual Report
on Form 10-K for the year ended December 31,
2015 and Quarterly Report on Form 10-Q for the quarter ended
September 30, 2016 (such periodic
public filings having been filed under the "Actavis plc" name).
Except as expressly required by law, Allergan disclaims any intent
or obligation to update these forward-looking statements.
CONTACTS:
ALLERGAN:
Investors:
Lisa DeFrancesco
(862) 261-7152
Media:
Mark Marmur
(862) 261-7558
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SOURCE Allergan plc