Teva completes acquisition of Labrys

Teva has announced the completion of its takeover of Labrys, a move that will strengthen the company's portfolio of migraine therapies.

The acquisition gives Teva control over Labrys' lead compound LBR-101, a fully-humanised monoclonal antibody that binds to calcitonin gene-related peptide. It is currently in phase IIb testing for the prevention of chronic and episodic migraine.

LBR-101 was originally discovered by Rinat Neuroscience, which was purchased by Pfizer in 2006. Labrys acquired the asset in 2012 and has successfully tested the drug in a number of early-stage trials.

The takeover of Labrys comes after Teva also recently acquired the migraine patch therapy Zecuity and will further its overall strategy of expanding its central nervous system portfolio.

Michael Hayden, Teva's president of global research and development and chief scientific officer, said: "We are pleased to finalise this acquisition. It's an exciting opportunity to develop a much-needed treatment option for people suffering from the impact of chronic and episodic migraine."

The company implemented a new organisational structure earlier this year, spearheaded by the global specialty medicines unit established in April 2013 and the newly-formed global generic medicines group.