InvaGen to continue holding stake in Avenue Therapeutics: Cipla – World Affairs SRS

InvaGen to continue holding stake in Avenue Therapeutics: Cipla

– World Affairs SRS

Drug major Cipla on Wednesday said its subsidiary InvaGen Pharmaceuticals will continue to hold shares in US-based Avenue Therapeutics despite the termination of the stock purchase and merger agreement in 2018.

In November 2018, Cipla announced that InvaGen Pharmaceuticals Inc. has entered into definitive agreements to acquire US-based specialty business firm Avenue Therapeutics for up to USD 215 million.

At the time, the Mumbai-based drugmaker had said it wanted to acquire Avenue Therapeutics, a Fortress biotech company, in two phases.

However, in November last year, the drugmaker announced that InvaGen had received a notice from Avenue to terminate the acquisition deal it made in 2018.

Cipla said in a regulatory filing that the Stock Purchase and Merger Agreement (SPMA) entered into between InvaGen and Avenue has been terminated with effect from November 1, 2021.

“However, the Stockholders Agreement between InvaGen, Avenue and other stockholders shall remain in force as of November 12, 2018, and InvaGen shall continue to hold shares in Avenue.”

Avenue Therapeutics focuses on the development and commercialization of Intravenous (IV), Tramadol, a pain reliever drug.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)

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