Regarding TBRA buyout: "Allergan takes out Tobi
Post# of 72446
Posted On: 09/20/2016 10:22:32 AM
Regarding TBRA buyout:
"Allergan takes out Tobira for $28.35 and up to $49.84 in CVRs
Sep 20 2016, 08:23 ET | About: Allergan plc (AGN) | By: Douglas W. House, SA News Editor [Contact this editor with comments or a news tip]
Allergan (NYSE:AGN) inks an agreement to acquire nano cap Tobira Therapeutics (NASDAQ:TBRA) for $28.35 in upfront cash, a whopping six-fold premium to yesterday's close of $4.74. The potential consideration paid to TBRA shareholders could rise to $1.695B based on the successful completion of certain milestones [up to $49.84 in Contingent Value Rights (CVRs)] related to Tobira's lead product candidate cenicriviroc, in development for the treatment of non-alcoholic steatohepatitis (NASH).
The extraordinary premium is even more surprising considering the failure of cenicriviroc in an earlier NASH study, although the company said the primary endpoint would not be required to support a marketing application. Allergan clearly agrees.
Cenicriviroc is a dual inhibitor of proteins called CCR2 and CCR5 that play key roles in inflammation and fibrosis.
Previously: Tobira's lead product candidate flunks mid-stage NASH study; shares plummet 54% premarket (July 25)
Update: Allergan will host a conference call tomorrow, September 21, at 8:30 am ET to discuss the transaction and other recent R&D acquisitions.
"Allergan takes out Tobira for $28.35 and up to $49.84 in CVRs
Sep 20 2016, 08:23 ET | About: Allergan plc (AGN) | By: Douglas W. House, SA News Editor [Contact this editor with comments or a news tip]
Allergan (NYSE:AGN) inks an agreement to acquire nano cap Tobira Therapeutics (NASDAQ:TBRA) for $28.35 in upfront cash, a whopping six-fold premium to yesterday's close of $4.74. The potential consideration paid to TBRA shareholders could rise to $1.695B based on the successful completion of certain milestones [up to $49.84 in Contingent Value Rights (CVRs)] related to Tobira's lead product candidate cenicriviroc, in development for the treatment of non-alcoholic steatohepatitis (NASH).
The extraordinary premium is even more surprising considering the failure of cenicriviroc in an earlier NASH study, although the company said the primary endpoint would not be required to support a marketing application. Allergan clearly agrees.
Cenicriviroc is a dual inhibitor of proteins called CCR2 and CCR5 that play key roles in inflammation and fibrosis.
Previously: Tobira's lead product candidate flunks mid-stage NASH study; shares plummet 54% premarket (July 25)
Update: Allergan will host a conference call tomorrow, September 21, at 8:30 am ET to discuss the transaction and other recent R&D acquisitions.
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