NEW YORK & MORRISVILLE, N.C. — Forest Labs and Furiex Pharmaceuticals on Monday announced that Forest will acquire Furiex for $95 per share, or approximately $1.1 billion in cash.
Forest also announced that it has entered into an agreement with Royalty Pharma to sell Furiex's royalties on alogliptin and Priligy to Royalty Pharma for approximately $415 million upon the completion of Forest's acquisition of Furiex.
“The acquisition of Furiex builds on our growing position in gastroenterology and helps to create a leading GI company within Forest. It is a natural extension of our GI business following our $2.9 billion acquisition of Aptalis earlier this year,” said Brent Saunders, CEO and president of Forest Labs. “We believe eluxadoline will be very complementary to our anchor GI product Linzess and additive to our broader GI portfolio, making us more relevant to gastroenterologists and primary care physicians. With eluxadoline, we expect to have one of the broadest product offerings for the $38 billion GI disease market.”
Eluxadoline is a locally-acting mu opioid receptor agonist and a delta opioid receptor antagonist for treating symptoms of diarrhea-predominant irritable bowel syndrome (IBS-d). IBS-d affects approximately 28 million patients in the United States and Europe, and Furiex is set to file a new drug application for the drug by the end of third-quarter 2014.