Teva announces takeover of Labrys Biologics

Teva has announced the acquisition of Labrys Biologics, a privately-held development-stage biotechnology company focused on treatments for chronic and episodic migraines.

The firm will pay an upfront cash fee of $200 million (119.01 million pounds) at closing, as well as up to $625 million in contingent payments upon achievement of certain pre-launch milestones for the promising new therapy LBR-101.

An anti-CGRP monoclonal antibody for the prevention of chronic and high-frequency episodic migraines, the compound is currently undergoing phase IIb clinical trials and can offer a long half-life, target specificity and a favourable pharmacokinetic profile.

Michael Hayden, Teva's president of global research and development and chief scientific officer, said: "LBR-101 represents a very exciting biologic product candidate – and much-needed option – for the management of this truly debilitating condition."

Teva's goal is to become a global leader in pain management by 2020, with the Labrys acquisition adding significant migraine prophylaxis assets to its extensive pain care franchise.

This comes after the company launched its new oxycodone prolonged-release tablets for the treatment of severe pain in the UK at the start of the month.