DUBLIN, July 2, 2014 /PRNewswire/ -- Actavis plc (NYSE:
ACT) today announced that its subsidiary Forest Laboratories, LLC
has successfully completed its acquisition of Furiex
Pharmaceuticals, Inc. (NASDAQ: FURX) in an all-cash transaction
valued at approximately $1.1 billion,
and up to approximately $360 million
in a Contingent Value Right (CVR) that may be payable based on the
status of eluxadoline, Furiex's lead product, as a controlled drug
following approval.
In connection with the close of the Furiex acquisition, Actavis
further announced that it has closed the transaction related to the
sale of Furiex's royalties on alogliptin and Priligy® to Royalty
Pharma for approximately $415
million.
"The strategic acquisition of Furiex strengthens Actavis' focus
on gastroenterology (GI) where we are an industry leader,
positioning us for continued long-term growth in IBS treatment,"
said Brent Saunders, CEO and
President of Actavis. "Furiex's lead development product
eluxadoline is a natural extension to our GI business,
complementing our Linzess® and Asacol® and Delzicol® franchises, as
well as the products acquired as part of the acquisition of Aptalis
earlier this year. 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 $38 billion GI disease market. This
product, if successful, would make Actavis even more relevant to
gastroenterologists and primary care physicians in meeting
significant patient needs."
Eluxadoline is a first-in-class, locally-acting mu opioid
receptor agonist and delta opioid receptor antagonist for treating
symptoms of diarrhea-predominant irritable bowel syndrome (IBS-D),
a condition that affects approximately 28 million patients in
the United States and
Europe. In February 2014,
Furiex announced top-line results indicating the company's two
pivotal Phase III clinical trials evaluating the efficacy and
safety of eluxadoline in the treatment of IBS-D met both the U.S.
Food and Drug Administration (FDA) and the European Medicines
Agency formally agreed-upon primary endpoints of composite response
based on simultaneous improvements in stool consistency and
abdominal pain. Actavis 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.
About Actavis
Actavis plc (NYSE:ACT), headquartered in Dublin, Ireland, is a unique specialty
pharmaceutical company focused on developing, manufacturing and
commercializing high quality affordable generic and innovative
branded pharmaceutical products for patients around the
world.
Actavis markets a broad portfolio of branded and generic
pharmaceuticals and develops innovative medicines for patients
suffering from diseases principally in the central nervous system,
gastroenterology, women's health, urology, cardiovascular,
respiratory and anti-infective therapeutic categories. The
Company is an industry leader in product research and development,
with one of the broadest brand development pipelines in the
pharmaceutical industry, and a leading position in the submission
of generic product applications. Actavis has commercial
operations in more than 60 countries and operates more than 30
manufacturing and distribution facilities around the world.
For more information, visit Actavis' website at
www.actavis.com.
Cautionary Statement Regarding Forward-Looking
Statements
Statements contained in this press release that refer to
Actavis' estimated or anticipated future results or other
non-historical facts are forward-looking statements that reflect
Actavis' current perspective of existing trends and information as
of the date of this release. For instance, any statements in
this press release concerning prospects related to Actavis'
strategic initiatives, product introductions and anticipated
financial performance are forward-looking statements. It is
important to note that Actavis' goals and expectations are not
predictions of actual performance. Actavis' performance, at times,
will differ from its goals and expectations. Actual results
may differ materially from Actavis' current expectations depending
upon a number of factors affecting Actavis' business. These
factors include, among others, the inherent uncertainty associated
with financial projections; successful integration of the Forest
and Furiex acquisitions and the ability to recognize the
anticipated synergies and benefits of the Forest and Furiex
acquisitions; the difficulty of predicting the timing and outcome
of pending or future litigation and government investigations and
risks that an adverse outcome in such litigation or investigations
could render Actavis liable for substantial damages or penalties;
risks that resolution of patent infringement litigation through
settlement could result in investigations or actions by private
parties or government authorities or agencies; the impact of
competitive products and pricing; risks related to fluctuations in
foreign currency exchange rates; periodic dependence on a small
number of products for a material source of net revenue or income;
variability of trade buying patterns; changes in generally accepted
accounting principles; risks that the carrying values of assets may
be negatively impacted by future events and circumstances; the
timing and success of product launches; the difficulty of
predicting the timing or outcome of product development efforts and
regulatory agency approvals or actions, if any; risks and
uncertainties normally incident to the pharmaceutical industry,
including product liability claims and the availability of product
liability insurance on reasonable terms; market acceptance of and
continued demand for Actavis' products; difficulties or delays in
manufacturing; the availability and pricing of third party sourced
products and materials; successful compliance with governmental
regulations applicable to Actavis' facilities, products and/or
businesses; changes in the laws and regulations, including
Medicare, Medicaid, and similar laws in foreign countries
affecting, among other things, pricing and reimbursement of
pharmaceutical products and the settlement of patent litigation;
and such other risks and uncertainties detailed in Actavis plc's
periodic public filings with the Securities and Exchange
Commission, including but not limited to Actavis plc's Annual
Report on Form 10-K for the year ended December 31, 2013, Quarterly Report on Form 10-Q
for the quarter ended March 31, 2014
and Current Report on form 8-K filed on May
20, 2014 and from time to time in Actavis' other investor
communications. Except as expressly required by law, Actavis
disclaims any intent or obligation to update these forward-looking
statements.
CONTACTS:
Investors:
Lisa DeFrancesco
(862) 261-7152
Media:Photo
Charlie Mayr
(862) 261-8030
David Belian
(862) 261-8141
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SOURCE Actavis plc