@ Forest Labs to buy Morrisville’s Furiex for $1.1 billion | SEBIO

Forest Labs to buy Morrisville’s Furiex for $1.1 billion

Posted by on Apr 28, 2014

MORRISVILLE, N.C. – Morrisville’s Furiex Pharmaceuticals agreed to sell to Forest Laboratories for $1.1 billion in cash.

The deal also includes another $360 million depending on how well Furiex’s (Nasdaq: FURX) lead drug candidate eluxadoline performs.

Separately, New York-based Forest Labs (NYSE: FRX) sold Furiex’s royalties on alogliptin and Priligy to Royalty Pharma for $415 million upon successful completion of Forest’s acquisition of Furiex. Forest’s acquisition of Furiex is not contingent on Forest’s agreement with Royalty Pharma.

“Furiex has built a strong portfolio of life-improving therapies for patients, including development stage assets and royalty-bearing products. Forest’s acquisition of our company is a testament to the strength of the business we have built,” said Fred Eshelman, founding chairman of Furiex. “I am very proud of our team for its hard work and excellent development of eluxadoline in just under four years. There is a strong business fit between Furiex and Forest, and eluxadoline is expected to contribute to Forest’s leading GI franchise.”

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