DUBLIN,
Aug. 31, 2015 /PRNewswire/
-- Allergan plc (NYSE: AGN), a leading global pharmaceutical
company, today announced that it has successfully completed the
acquisition of Naurex Inc., a clinical-stage biopharmaceutical
company developing transformative therapies for challenging
disorders of the central nervous system, including
depression. Allergan acquired Naurex for a
$560 million upfront payment net of
cash acquired, $460 million of which
is payable upon the closing of the acquisition and $100 million of which is payable by January of
2016, as well as potential R&D success-based and
sales-threshold milestone
payments.
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"The acquisition of Naurex enhances our ability to be
among the leaders in the development of novel, game-changing
therapies in mental health. This is an area of medicine that
requires new ways to tackle some of society's most challenging
diseases and disorders," said Brent
Saunders, CEO and President of Allergan.
"Naurex's unique pipeline includes GLYX-13 and NRX-1074, two
compounds that utilize NMDA modulation as a potential new approach
to the treatment of Major Depressive Disorder (MDD), a disease that
can lead to suicidality among the most severe
patients. The growing number of unregulated
clinics to treat severe depression with off-label medicines is
indicative of the desperate need for new treatment options for
patients with depression. We have geared up to advance the
development of these compounds into the next phase of clinical
trials."
The acquisition of Naurex strengthens Allergan's
development pipeline in mental health with the addition of Naurex's
lead development product rapastinel (GLYX-13), a once-weekly
intravenous Phase 3-ready molecule that has demonstrated rapid,
robust and sustained efficacy in multiple Phase 2 clinical studies
in depression. The acquisition also adds
Naurex's development product NRX-1074, a next-generation drug
candidate, the intravenous form of which has shown rapid and robust
antidepressant efficacy in an initial single-dose Phase 2
study. NRX-1074 is also an orally bioavailable
drug candidate which is in Phase 1 studies.
Rapastinel and NRX-1074 are both targeted modulators of the
N-methyl-D-aspartate (NMDA) receptor. Both
therapies have been found to be well-tolerated in all studies to
date, with no drug-related serious adverse events.
These therapies add to Allergan's strong late-stage mental
health research and development portfolio, with therapies in
development to treat schizophrenia, bipolar disorder and chronic
migraine.
Additional information about Naurex, rapastinel and
NRX-1074, as well as the unmet medical need in the treatment of MDD
is available as a slide presentation on the Allergan web site at
http://ir.allergan.com.
About Major Depressive Disorder (MDD)
MDD is a serious medical condition often requiring
treatment, affecting almost 16 million adults in the United States yearly or approximately 7%
of the adult U.S. population. MDD, also known as
depression, is a common debilitating disorder in which feelings of
sadness and other symptoms occur nearly every day for at least two
weeks and interfere with a person's ability to function.
Depression costs the U.S. an estimated
$83 billion each year.
Among all medical illnesses, MDD is a leading
cause of disability in the U.S. The World Health
Organization predicts depression will become the second leading
cause of disability by the year 2020.
About Allergan
Allergan plc (NYSE: AGN), headquartered in Dublin, Ireland, is a unique, global
pharmaceutical company and a leader in a new industry model –
Growth Pharma. Allergan is focused on
developing, manufacturing and commercializing innovative branded
pharmaceuticals, high-quality generic and over-the-counter
medicines and biologic products for patients around the
world.
Allergan markets a portfolio of best-in-class products
that provide valuable treatments for the central nervous system,
eye care, medical aesthetics, gastroenterology, women's health,
urology, cardiovascular and anti-infective therapeutic categories,
and operates the world's third-largest global generics business,
providing patients around the globe with increased access to
affordable, high-quality medicines. Allergan is an industry leader
in research and development, with one of the broadest development
pipelines in the pharmaceutical industry and a leading position in
the submission of generic product applications globally.
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 longer, healthier
lives.
For more information, visit Allergan's website at
www.allergan.com.
Forward-Looking Statement
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, whether clinical trials of
rapastinel or NRX-1074 will be successful, 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; risks
associated with acquisitions, mergers and joint ventures;
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 Quarterly Report on Form 10-Q for the quarter ended
June 30, 2015.
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