Avanir Pharmaceuticals, which just received a complete response letter from the FDA for its AVP-825 intranasal sumatriptan powder, has announced that it will be acquired by Otsuka Pharmaceutical for approximately $3.5 billion. Avanir will become an independent subsidiary of Otsuka America.
Otsuka Pharmaceutical President and Representative Director Taro Iwamoto said, “As we bring together Otsuka’s experience and business track record in the area of mental illnesses with Avanir’s strengths in neurologic diseases, we believe that we can evolve into a truly global CNS pharmaceutical company. Avanir’s creativity and proven execution on drug discovery and development for largely unexplored medical indications, typified by PBA, represents a hand-in-glove fit with Otsuka’s culture. We admire and respect Avanir’s innovation, vision, and execution and want to continue to grow together.”
Avanir President and CEO Keith A. Katkin commented, “I am extremely excited to see these two organizations come together. Together, our organizations will be able to more rapidly develop and commercialize needed medications for patients around the world.”
Read the Avanir press release.
