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July 3, 2014

Forest Laboratories completes acquisition of Furiex Pharmaceuticals

Actavis subsidiary Forest Laboratories has completed the acquisition of Furiex Pharmaceuticals, a US-based drug development collaboration company.

By Mekala ShivaramPrasad

Actavis subsidiary Forest Laboratories has completed the acquisition of Furiex Pharmaceuticals, a US-based drug development collaboration company.

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Forest Laboratories has acquired Furiex in an all-cash transaction valued at approximately $1.1bn and up to approximately $360m in a contingent value right that may be payable based on the status of Furiex’s eluxadoline as a controlled drug following approval.

Eluxadoline is a locally acting mu opioid receptor agonist and delta opioid receptor antagonist for treating symptoms of diarrhoea-predominant irritable bowel syndrome (IBS-D).

"Eluxadoline could represent a significant advance in the treatment of IBS-D."

In connection with the completion of the Furiex acquisition, Actavis has also divested Furiex’s royalties on alogliptin and Priligy to Royalty Pharma for a payment of approximately $415m.

Actavis president and CEO Brent Saunders said: "If approved, eluxadoline could represent a significant advance in the treatment of IBS-D, and would give Actavis one of the broadest product offerings for the $38bn GI disease market.

"This product, if successful, would make Actavis even more relevant to gastroenterologists and primary care physicians in meeting significant patient needs."

Actavis said that it expects to be in a position to announce an acceptance for filing of the new drug application for eluxadoline by the end of the third quarter of 2014.

Kirkland & Ellis and Wyrick Robbins have advised Furiex in this transaction, while Bofa Merrill Lynch and Credit Suisse acted as financial advisors. Covington & Burling served as Forest Laboratories ‘ legal counsel.

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IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
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