Allergan will acquire Levadex inhaled dihydroergotamine developer MAP Pharmaceuticals for $25 per share. The two companies entered into an agreement to co-promote Levadex in January 2011, and MAP submitted an NDA for the product later that year. The FDA issued a complete response letter for Levadex in March 2012, and MAP resubmitted the NDA in October of that year.
According to a joint press release, the boards of directors of both companies have approved the acquisition, which is expected to close no later than the second quarter of 2013.
Allergan Chairman, President, and CEO David E.I. Pyott explained, “During the past few years, Allergan has received regulatory approvals in 56 countries for Botox for use in the treatment of chronic migraine. As a result, thousands of patients who suffer from chronic migraine have benefited from this important treatment option. We plan to capitalize on this depth of expertise in neurology as we continue the global development of Levadex as a potential acute treatment for migraine that is complementary to Botox and use MAP’s proprietary drug particle and inhalation technologies to generate new pipeline opportunities.”
MAP President and CEO Timothy S. Nelson said, “Through our dedicated employees at MAP Pharmaceuticals, we have made tremendous progress to date with our lead product candidate, Levadex, enabling us to realize substantial value for our stockholders through this transaction. We are pleased that we and Allergan share similar values and a common vision in neuroscience that make for a strong cultural and scientific fit between our companies. We believe this acquisition by our partner Allergan will increase the potential for our product candidates to make a meaningful difference for patients we have worked so hard to serve.”
Read the MAP and Allergan press release.
