Actavis plc reports that its subsidiary, Forest Laboratories, LLC, has successfully completed the acquisition of Furiex Pharmaceuticals, Inc. 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, a drug to treat Type II diabetes, and Priligy (dapoxetine), a drug to treat erectile dysfunction to Royalty Pharma for approximately $415 million.

Eluxadoline is a 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 US Food and Drug Administration 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.

Source: Actavis