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

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.

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"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.