Teva Pharmaceutical Industries Ltd. is buying Auspex Pharmaceuticals Inc. for about $3.2 billion in a move to strengthen its position on central nervous system condition treatments.
Jerusalem-based Teva said Monday that it will pay $101 per share, marking a 47 percent premium to San Diego-based Auspex's closing stock price on Friday.
Auspex does not yet have a product on the market. Its lead product candidate is Austedo, which is aimed at treating involuntary movement associated with the genetic disorder Huntington's disease.
Teva is one of the world's largest generic drug developers. It also has a range of specialty medicines, including Copaxone for multiple sclerosis and Azilect for Parkinson's disease. Revenue in 2014 reached $20.3 billion.
"The acquisition of Auspex is a significant step in strengthening Teva's leadership position in central nervous system (disorders) and advances us into underserved movement disorder markets," Teva President and CEO, Erez Vigodman, said in a statement.
Teva expects the buyout of Auspex to start contributing revenue in 2016 with an anticipated launch of Auspex.
The acquisition is expected to close in mid-2015.
Explore further: Supreme Court sides with Teva in drug dispute
© 2015 The Associated Press. All rights reserved.
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Teva Pharmaceutical Industries Ltd. is buying Auspex Pharmaceuticals Inc. for about $3.2 billion in a move to strengthen its position on central nervous system condition treatments.
Jerusalem-based Teva said Monday that it will pay $101 per share, marking a 47 percent premium to San Diego-based Auspex's closing stock price on Friday.
Auspex does not yet have a product on the market. Its lead product candidate is Austedo, which is aimed at treating involuntary movement associated with the genetic disorder Huntington's disease.
Teva is one of the world's largest generic drug developers. It also has a range of specialty medicines, including Copaxone for multiple sclerosis and Azilect for Parkinson's disease. Revenue in 2014 reached $20.3 billion.
"The acquisition of Auspex is a significant step in strengthening Teva's leadership position in central nervous system (disorders) and advances us into underserved movement disorder markets," Teva President and CEO, Erez Vigodman, said in a statement.
Teva expects the buyout of Auspex to start contributing revenue in 2016 with an anticipated launch of Auspex.
The acquisition is expected to close in mid-2015.
Explore further: Supreme Court sides with Teva in drug dispute
© 2015 The Associated Press. All rights reserved.
Medical Xpress on facebook
Related Stories
Pharmaceutical giant Teva announces new CEO
Teva Pharmaceutical Industries, the world's largest maker of generic drugs, said Thursday it had appointed a new chief executive to replace Jeremy Levin, who left abruptly in October.
Teva says US is investigating Copaxone marketing
Teva Pharmaceutical Industries said Monday the federal government is investigating its marketing of its multiple sclerosis drug Copaxone and Parkinson's disease treatment Azilect.
Israeli generic drug giant Teva to buy Cephalon
Teva Pharmaceutical Industries, the world's largest generic drug maker, will buy US biopharma firm Cephalon in a $6.8 billion deal, the companies said in a joint statement Monday.
Supreme Court sides with Teva in drug dispute
The Supreme Court on Tuesday sided with Teva Pharmaceutical Industries Ltd. in the company's high-profile patent dispute with rival firms over the top-selling multiple sclerosis drug.
Pfizer, Teva reach deal to allow generic Viagra
Pfizer says it reached a settlement with Teva Pharmaceuticals that allows the generic drugmaker to launch a copycat version of its popular erectile dysfunction drug Viagra in 2017.
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Britain to offer all infants meningitis B vaccine
Britain says it will become the first country to offer all babies a vaccine for potentially fatal meningitis B after it reached a price deal with GlaxoSmithKline PLC.
US aims to cut antibiotic use
US President Barack Obama on Friday rolled out plans to cut inappropriate antibiotic use by half, in an effort to tackle drug resistance.
Ebola whole virus vaccine shown effective, safe in primates
An Ebola whole virus vaccine, constructed using a novel experimental platform, has been shown to effectively protect monkeys exposed to the often fatal virus.
FDA to scrutinize unproven alternative remedies (Update)
Federal officials plan to review the safety and evidence behind alternative remedies like Zicam and Cold-Eeze, products that are protected by federal law, but not accepted by mainstream medicine.
Questions over value of new antibiotics to tackle resistance
In the first installment of a new series, Peter Doshi, Assistant Professor at the University of Maryland School of Pharmacy and Associate Editor at The BMJ, asks why authorities are approving drugs with little evidence they d ...
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