Tobira Therapeutics Inc. (TBRA) Blasts off on Allergan Take Over
Shares of San Francisco, California, based Tobira Therapeutics Inc. (TBRA) went into overdrive on Tuesday, against the backdrop of a marginally higher day in stocks overall. Tobira's stock was up an incredible 720.89%, rising $34.17 per share, to close at $38.91, on volume of over 12.7 million shares. The company announced that it is being taken over by Dublin, Ireland, based Allergan Plc, in a deal worth nearly $1.7 billion.
Tobira's stock took off at the outset on the early morning announcement of the acquisition by Allergan (AGN) in a deal worth $1.695 billion.
The acquisition of Tobira will add Cenicriviroc ("CVC") and Evogliptin to Allergan's portfolio, which are two differentiated, complementary development programs for the treatment of non-alcoholic steatohepatitis, or NASH. NASH is a severe type of non-alcoholic fatty liver disease, which is characterized by the accumulation of fat in the liver with no other apparent causes. NASH occurs when the accumulation of liver fat is accompanied by inflammation and cellular damage. The inflammation can lead to fibrosis (scarring) of the liver and eventually progress to cirrhosis, portal hypertension, liver cancer and eventual liver failure.
"I am extremely excited to see Tobira and Allergan come together," said Tobira Therapeutics Chief Executive Officer, Laurent Fischer, M.D. "The combination of our team's innovation in the NASH space and the infrastructure, development expertise and world-class ability of Allergan to market medicines will enable us to more rapidly develop and commercialize needed medications for patients suffering from NASH and other serious fibrotic diseases around the world."
Founded in 2012, Allergan Plc engages in the research, development, and manufacture of pharmaceutical products. Its brand portfolio delivers treatments that address unmet medical needs in therapeutic categories such as dermatology and aesthetics; central nervous system; eye care; women health and urology; gastroenterology and cystic fibrosis; and cardiovascular and infectious disease. Major products offered include BOTOX, Juvederm, Linzess, Namenda, Restasis, Latisse, Teflaro, Bystolic and DORYX. Allergan's stock trades on the New York Stock Exchange.
"With this acquisition, Allergan will now have one of the strongest portfolios of development stage programs for the treatment of NASH, with Cenicriviroc as the cornerstone," said Allergan CEO and President Brent Saunders. "We will continue to look for differentiated development-stage assets that can bolster this position and enhance our commitment to innovation in this disease..."
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