Allergan to Buy Tobira Therapeutics
In its second acquisition announced this month, Allergan has agreed to pay nearly $1.7 billion for Tobira Therapeutics, a US clinical-stage biopharmaceutical company that develops therapies for non-alcoholic steatohepatitis (NASH) and other liver diseases. The transaction is subject to US antitrust clearance and the tender of a majority of the outstanding shares of Tobira common stock.
Earlier this month, the Dublin-based drugmaker said it had acquired “substantially all” of the assets of RetroSense Therapeutics, a private, clinical-stage biotechnology company focused on novel gene therapy approaches to restore vision in patients suffering from blindness.
CEO Brent Saunders called the latest deal a “strategic R&D investment within a white space area of our global gastroenterology franchise and an opportunity to advance the development of novel treatments for NASH.”
The $28.35 per share offer price represents a 500% premium to the stock's close on Sept. 19. Allergan will also pay up to $49.84 per share in Contingent Value Rights (CVRs) for two development programs intended to enhance its pipeline. Cenicriviroc (CVC) is a Phase 3 dual inhibitor of the CCR2 and CCR5 pathways, which play a key role in the cycle of inflammation and fibrosis, while Evogliptin is a Phase 1, orally bioavailable, selective dipeptidyl peptidase-4 (DPP-4) inhibitor.
With the addition of Tobira, Saunders said Allergan will have one of the strongest portfolios of development-stage programs for the treatment of NASH – commonly associated with obesity and type 2 diabetes – and will continue to look for differentiated development-stage assets that can bolster this position. Due to the increasing rates of such metabolic conditions in the developed world, NASH is set to become one of the next epidemic-level chronic diseases, Saunders said.
Allergan has already added four small companies to its portfolio this year. Two of them, Retrosense and ForSight Vision, target eye disorders, while the other two, Topokine Therapeutics and Vitae Pharmaceutical, focus on dermatology.
