Actavis completes $1.1bn Furiex acquisition
Actavis’s newly-acquired subsidiary Forest Laboratories has bought drug development company Furiex Pharmaceuticals for $1.1 billion.
North Carolina-based Furiex will receive a further sum of about $360 million based on the status of its lead product eluxadoline, a treatment for irritable bowel syndrome currently in Phase III of development.
Actavis has also closed the transaction in which royalties from Furiex’s diabetes treatment alogliptin and premature ejaculation drug Priligy have been sold to Royalty Pharma, a deal worth approximately $415 million.
Brent Saunders, chief executive of Actavis, said: “The strategic acquisition of Furiex strengthens Actavis’s focus on gastroenterology (GI) … positioning us for continued long-term growth in IBS treatment.”
Furiex’s eluxadoline expands Actavis’s line of GI drugs, which includes Linzess, Asacol and Delzicol, and the products it received after its acquisition of Aptalis in January.
Actavis completed its $28 billion acquisition of Forest on July 1.
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