Forest Laboratories agrees deal to acquire Clinical Data

Forest Laboratories has signed a definitive merger agreement to purchase the specialty pharmaceutical firm Clinical Data.

The acquired company is focused on developing first-in-class and best-in-category therapeutics and is responsible for the new drug Viibryd, a therapy for major depressive disorder that has recently been approved in the US.

Forest expressed confidence that its past success in launching antidepressants such as Celexa and Lexapro makes it well-suited to market Viibryd, which will now become the firm's second major launch of the year.

Howard Solomon, chairman, chief executive officer and president of Forest Laboratories, said: "We are pleased to enter into this agreement with Clinical Data. Depression is a debilitating disease that affects the daily lives of millions of patients."

The transaction to acquire Clinical Data will be worth around $1.2 billion (739.87 million pounds) and will also give Forest the rights to Stedivaze, a coronary vasodilator that is currently in phase III development.

According to the company's most recent financial report, Forest Laboratories experienced a 6.7 per cent year-on-year growth in sales last year.