Tobira Therapeutics, Inc.NASDAQ
Tue, Sep. 20, 4:39 PM
- Allergan (NYSE:AGN) reinforces its commitment to the NASH space with its second acquisition in a day. It has acquired privately held Akarna Therapeutics for $50M in upfront cash plus unspecified milestones.
- Akarna develops small molecule drugs for the treatment of inflammatory and fibrotic diseases. Its lead product candidate is AKN-083, a preclinical-stage FXR agonist in development for the treatment of NASH. FXR (farnesoid X receptor) is a master regulator of carbohydrate and lipid metabolism, bile-acid homeostasis, inflammation and fibrosis. FXR agonists reduce the expression of certain genes that control the synthesis of triglycerides in liver cells. They reduce liver steatosis (infiltration of liver cells with fat), lower the release of free fatty acids from fat tissue and reduce their uptake by the liver and improve tissues' responsiveness to insulin.
- Allergan announced its takeover of Tobira Therapeutics (NASDAQ:TBRA) this morning.
Tue, Sep. 20, 8:23 AM
- Allergan (NYSE:AGN) inks an agreement to acquire nano cap Tobira Therapeutics (NASDAQ:TBRA) for $28.35 in upfront cash, a whopping six-fold premium to yesterday's close of $4.74. The potential consideration paid to TBRA shareholders could rise to $1.695B based on the successful completion of certain milestones [up to $49.84 in Contingent Value Rights (CVRs)] related to Tobira's lead product candidate cenicriviroc, in development for the treatment of non-alcoholic steatohepatitis (NASH).
- The extraordinary premium is even more surprising considering the failure of cenicriviroc in an earlier NASH study, although the company said the primary endpoint would not be required to support a marketing application. Allergan clearly agrees.
- Cenicriviroc is a dual inhibitor of proteins called CCR2 and CCR5 that play key roles in inflammation and fibrosis.
- Previously: Tobira's lead product candidate flunks mid-stage NASH study; shares plummet 54% premarket (July 25)
- Update: Allergan will host a conference call tomorrow, September 21, at 8:30 am ET to discuss the transaction and other recent R&D acquisitions.
Jan. 14, 2015, 9:42 AM
- In an all-stock transaction, privately-held Tobira Therapeutics will merge with a wholly-owned subsidiary of Regado Biosciences (RGDO +59.3%). The combined organization, renamed as Tobira Therapeutics, will focus on the development of novel treatments for liver and inflammatory diseases. Tobira CEO Laurent Fischer, M.D., will lead the firm.
- Tobira's lead product is cenicriviroc (CVC), a Fast Track-designated anti-fibrotic agent currently in Phase 2 development for non-alcoholic steatohepatitis (NASH).
- A Tobira investor syndicate has committed to invest up to $22M to fund CVC's development through Phase 2. Tobira's quick asset balance will be ~$60M after the investment.
- Under the terms of the merger, Regado shareholders will own ~32% of the combined entity while Tobira shareholders will own ~68%. The specific allocation will depend on Regado's net cash balance at the time of the transaction.
- NASH-related tickers: (NASDAQ:ICPT) (NASDAQ:GILD) (NASDAQ:GALT) (NASDAQ:SHPG) (NASDAQ:LJPC) (NASDAQ:CNAT) (NASDAQ:RPTP)