Covington & Burling LLP is serving as Allergan's lead legal counsel. Shares of Tobira were trading up over 730% at $39.35 on Tuesday, with a consensus analyst price target of $19.00 and a 52-week trading range of $3.76 to $39.44. FREE Breaking News Alerts from StreetInsider.com! "Minute" brethren might be a … Allergan said these would complement its own GI R&D pipeline. Back in July, Tobira Therapeutics fell by about half in premarket trading on news that its Phase IIb trial to treat nonalcoholic steatohepatitis (NASH) using its cenicriviroc (CVC) candidate failed to meet the primary endpoint. Allergan traded down more than 2% to $238.90. Conference CallAllergan management will host a conference call to discuss the Tobira Therapeutics acquisition, and other recent R&D acquisitions, Wednesday, September 21, 2016 at 8:30 AM EST. Evogliptin is being studied in a Phase 1 trial assessing the safety, tolerability and steady-state pharmacokinetic parameters of the compound when administered with and without CVC. It is important that we invest in new treatments today so that healthcare systems, providers and patients have treatment options to face this challenge in the coming years.". With commercial operations in approximately 100 countries, Allergan is committed to working with physicians, healthcare providers and patients to deliver innovative and meaningful treatments that help people around the world live healthier lives every day. Ut enim ad minim veniam, quis nostrud exercitation u, o laboris nisi ut aliquip ex ea commodo consequat. What does it get for its money? Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more! you can get e-magazine links on WhatsApp. Case Study | Bioclinica Rescues a Study in Jeopardy with a Comprehensive Clinical Adjudication Solution. All rights reserved. Evogliptin is being studied in a Phase 1 trial assessing the safety, tolerability and steady-state pharmacokinetic parameters of the compound when administered with and without CVC. The merger agreement contemplates that Allergan will acquire any shares of Tobira that are not tendered into the offer through a second-step merger, which will be completed as soon as practicable following the closing of the tender offer. Allergan acquired Tobira for an upfront payment of $28.35 per share, in cash, and additional Contingent Value Rights (CVRs) that may be payable based on the successful completion of certain development, regulatory and commercial milestones. Developer of antiviral compounds for treating human immunodeficiency virus (HIV) infection. On the back of a number of deals in recent months, mainly in dermatology and after dodging its own $100 billion-plus consumption by Pfizer ($PFE) this year, Allergan ($AGN) has snapped up tiny Tobira ($TBRA) and its struggling fatty liver disease candidate, along with the rest of its pipeline, for potentially $1.7 billion. All in, this could be worth $1.69 billion. The company develops TBR-652 and TBR-220 antagonists for the treatment of HIV or AIDS, hepatitis and related infectious conditions. NASH is the fastest growing cause of liver cancer and liver transplant in the US. Allergan acquired Tobira for an upfront payment of $28.35 per share, in cash, and additional Contingent Value Rights (CVRs) that may be payable based on the successful completion of certain development, regulatory and commercial milestones. It did however pull off a reverse merger with Regado Biosciences, raising $70 million for its R&D war chest. Allergan picked up its lead NASH program, cenicriviroc, in its 2016 acquisition of Tobira Therapeutics, just after it failed a phase 2b NASH study.
Allergan intends to complete the acquisition later through the merger of its subsidiary with and into Tobira without a vote of Tobira's other stockholders, pursuant to Section 251(h) of the Delaware General Corporation Law (the DGCL). exclude terms. CONTACTS: ALLERGAN: Investors:Lisa DeFrancesco(862) 261-7152 Media: Mark Marmur(862) 261-7558, To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/allergan-successfully-completes-tobira-therapeutics-acquisition-300354631.html, © 1985 - 2020 BioSpace.com. Tobira Therapeutics Inc. (NASDAQ: TBRA) shares skyrocketed on Tuesday after Allergan PLC (NYSE: AGN) announced that it will acquire the company. Cenicriviroc (CVC) is a first-in-class, once-daily, oral Phase 3 ready potent immunomodulator that blocks two chemokine receptors, CCR2 and CCR5, which are involved in the inflammatory and fibrogenic pathways in NASH that cause liver damage and often lead to cirrhosis, liver cancer or liver failure. © 2020 Questex LLC. That same month, the company acquired RetroSense Therapeutics for more than $60 million, announced the acquisition of Tobira Therapeutics for approximately $1.7 billion and, a day later, the acquisition of Akarna Therapeutics for $50 million. Liver fibrosis is associated with key long-term outcomes, including overall mortality, liver transplantation and liver-related events.
“We are delighted that cenicriviroc will be rapidly advancing into Phase III studies under the stewardship of Allergan, an industry leader with world class capabilities in advancing novel treatment options to patients across the globe, and I look forward to the future success of this partnership," said Dennis Podlesak, chairman of Tobira. Tobira (NASDAQ: TBRA) is developing novel therapeutics to treat liver disease, fibrosis, and inflammatory diseases. The biotech was worth $4.74 last night, but jumped by more than 600% premarket to $33 a share. Goldman Sachs Lifts YE S&P Target to 3,700, Next Year to 4,300, Lyft (LYFT) Gains on Q3 Rides Recovery, Multiple Firms Raise PTs, Dollar rises again as markets adjust to vaccine hope and higher yields, After-Hours Movers 11/10: (FPRX) (FUBO) (BRKS) Higher; (EGAN) (MODN) (LYFT) Lower (more...), Pfizer (PFE) CEO Bourla Sold 62% of His Personal Stock on Day of Positive COVID Vaccine News, Beyonce and Peloton (PTON) Team Up for Unprecedented Partnership, Carnival Corp. (CCL) Announces Offering of Common Stock, Pre-Open Stock Movers 11/11: (FPRX) (FUBO) (SURF) Higher; (EGAN) (ACB) (MODN) Lower (more...), Pre-Open Stock Movers 11/10: (XPER) (FLGT) (HDS) Higher; (BYND) (NBIX) (TXMD) Lower (more...). Excluding Tobira shares tendered by notice of guaranteed delivery, a total of 17,466,213 shares of Tobira common stock, representing approximately 92.2% of Tobira's outstanding shares, were validly tendered into and not validly withdrawn from the tender offer, according to the depositary for the tender offer. NASH is a liver-scarring disease that affects millions of people and is growing alongside the high rates of obesity and diabetes, but has no approved therapies, with its commercial prospects spurring a frenzy of activity in R&D around the industry. Except as expressly required by law, Allergan disclaims any intent or obligation to update these forward-looking statements. Allergan acquired Tobira for an upfront … "We are delighted that cenicriviroc will be rapidly advancing into Phase 3 studies under the stewardship of Allergan, an industry leader with world class capabilities in advancing novel treatment options to patients across the globe, and I look forward to the future success of this partnership," added Dennis Podlesak, Chairman of the Board of Tobira. Get the full list », To view Tobira Therapeutics’s complete acquisitions history, request access ». The company develops TBR-652, or incididunt ut labore et dolore magna aliqua. Tobira Therapeutics General Information Description. Evogliptin is currently approved in Korea (but not in the U.S.), where it is known as Suganon. 313, pp.
Only a day after Allergan announced their plans to acquire Tobira Therapeutics, they have acquired another biopharmaceutical company, Akarna Therapeutics. ", NASH is a severe type of non-alcoholic fatty liver disease (NAFLD), which is characterized by the accumulation of fat in the liver with no other apparent causes.i NASH occurs when the accumulation of liver fat is accompanied by inflammation and cellular damage.ii The inflammation can lead to fibrosis (scarring) of the liver and eventually progress to cirrhosis, portal hypertension, liver cancer and eventual liver failure.ii.
A replay of the conference call will also be available by calling (855) 859-2056 in the U.S. or (404) 537-3406 outside of the U.S., conference ID 85674735. Allergan plc, a leading global pharmaceutical company, announced that it has successfully completed the acquisition of Tobira Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on developing and commercializing therapies for non-alcoholic steatohepatitis (NASH) and other liver diseases. Although it still is subject customary closing conditions and regulatory approval. Nasdaq closes higher with technology stocks back in favor, The Roaring Twenties Redux? We will continue to look for differentiated development-stage assets that can bolster this position and enhance our commitment to innovation in this disease," added Saunders. The acquisition adds Cenicriviroc (CVC) and Evogliptin, two differentiated, complementary development programs for the treatment of the multi-factorial elements of NASH, including inflammation, metabolic syndromes and fibrosis, to Allergan's global Gastroenterology R&D pipeline. Well, it gets the immunomodulator CVC as well as the Phase I oral DPP-4 evogliptin, both of which are trying to hit the potential blockbuster NASH market, as well as gunning for other indications including inflammation, metabolic syndromes and fibrosis. Under the terms of the merger agreement, a subsidiary of Allergan will commence a cash tender offer to purchase all of the outstanding shares of Tobira common stock for $28.35 per share, plus one Contingent Value Right to receive up to $49.84 per share in future payments based on the successful completion of certain development, regulatory and commercial milestones. Curr Surg Rep (2015) 3: 24. doi:10.1007/s40137-015-0101-6. PitchBook’s comparison feature gives you a side-by-side look at key metrics for similar companies. "Both the CVC and Evogliptin programs provide highly differentiated compounds that can make a significant impact in the treatment of NASH, where today there are no approved therapies available for patients," said David Nicholson, Chief Research & Development Officer, Allergan. As a result, Allergan and its subsidiary have accepted for payment and will promptly pay for all shares that were validly tendered and not validly withdrawn. Holders of approximately 36 percent of the outstanding shares of Tobira common stock have entered into an agreement to tender their shares into the tender offer.
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