Avenue Therapeutics Announces First Stage Closing of its Acquisition Agreement with InvaGen (a Cipla subsidiary)
February 11 2019 - 7:30AM
Avenue Therapeutics, Inc. (NASDAQ: ATXI) (“Avenue”), a Fortress
Biotech (NASDAQ: FBIO) company, today announced the completion of
the first stage closing of the Acquisition Agreement previously
announced on November 13, 2018 with InvaGen Pharmaceuticals, Inc.
(“InvaGen”), a subsidiary of the leading global pharmaceutical
company Cipla Limited. The Acquisition Agreement has been
approved by a majority of Avenue’s stockholders, including a
majority of its non-affiliated stockholders, at its shareholder
meeting on February 6, 2019. InvaGen has acquired 5,833,333 shares
of Avenue’s common stock at $6.00 per share for total consideration
of $35 million, representing a 33.3% stake in Avenue’s capital
stock on a fully diluted basis.
About Avenue Therapeutics:Avenue, a Fortress
Biotech company, is a specialty pharmaceutical company focused on
the development and commercialization of intravenous (IV) Tramadol
for the management of moderate to moderately severe post-operative
pain. IV Tramadol may fill a gap in the acute pain market between
IV acetaminophen/NSAIDs and IV conventional narcotics. Avenue is
currently evaluating IV Tramadol in a pivotal Phase 3 program for
the management of post-operative pain. Avenue is headquartered in
New York City. For more information, visit
www.avenuetx.com.
Avenue Contact:Jaclyn JaffeAvenue Therapeutics,
Inc. (781) 652-4500ir@avenuetx.com
About Fortress Biotech:Fortress Biotech is an
innovative biopharmaceutical company focused on identifying,
in-licensing and developing high-potential clinical-stage assets.
The company has over 25 programs in clinical development at
Fortress, at its majority-owned and majority-controlled
subsidiaries and at entities it founded and in which it holds
significant minority ownership positions. Such product
candidates span six large-market therapeutic areas, including
oncology, rare diseases and gene therapy, which allow it to create
value while mitigating risk for shareholders. Fortress advances its
diversified pipeline through a streamlined operating structure that
fosters efficient drug development. The Fortress model is driven by
a world-class business development team that is focused on
leveraging its significant biopharmaceutical industry expertise to
further expand the company’s portfolio of product opportunities.
Fortress has established partnerships with some of the world’s
leading academic research institutions and biopharmaceutical
companies to maximize each opportunity to its full potential,
including Alexion Pharmaceuticals, Inc., City of Hope, Fred
Hutchinson Cancer Research Center, InvaGen Pharmaceuticals, Inc. (a
subsidiary of Cipla Limited), St. Jude Children’s Research Hospital
and UCL Business PLC. For more information, visit
www.fortressbiotech.com.
About Cipla Limited: Established in 1935, Cipla
is a global pharmaceutical company focused on agile and sustainable
growth, complex generics, and deepening portfolio in our home
markets of India, South Africa, North America, and key regulated
and emerging markets. Our strengths in the respiratory,
anti-retroviral, urology, cardiology and CNS segments are
well-known. Our 44 manufacturing sites around the world produce 50+
dosage forms and 1,500+ products using cutting-edge technology
platforms to cater to our 80+ markets. Cipla is ranked 3rd largest
in pharma in India (IQVIA MAT Dec’18), 3rd largest in the pharma
private market in South Africa (IQVIA YTD Dec’18), and is among the
most dispensed generic players in the US. For over eight decades,
making a difference to patients has inspired every aspect of
Cipla’s work. Our paradigm-changing offer of a triple
anti-retroviral therapy in HIV/AIDS at less than a dollar a day in
Africa in 2001 is widely acknowledged as having contributed to
bringing inclusiveness, accessibility and affordability to the
centre of the movement. A responsible corporate citizen, Cipla’s
humanitarian approach to healthcare in pursuit of its purpose of
‘Caring for Life’ and deep-rooted community links wherever it is
present make it a partner of choice to global health bodies, peers
and all stakeholders. For more, please visit www.cipla.com, or
click on Twitter, Facebook, LinkedIn.
Corporate
Communications |
Investor Relations |
Heena Kanal |
Naveen
Bansal |
E-Mail:
CorpComm@cipla.com |
E-Mail:
Investor.Relations@cipla.com |
Forward-Looking StatementsThis
press release may contain “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, each as amended. Such
statements include, but are not limited to, any statements relating
to our growth strategy and product development programs and any
other statements that are not historical facts. Forward-looking
statements are based on management’s current expectations and are
subject to risks and uncertainties that could negatively affect our
business, operating results, financial condition and stock value.
Factors that could cause actual results to differ materially from
those currently anticipated include: risks relating to our growth
strategy; risks relating to the results of research and development
activities; risks relating to the timing of starting and completing
clinical trials; our ability to obtain, perform under and maintain
financing and strategic agreements and relationships; uncertainties
relating to preclinical and clinical testing; our dependence on
third-party suppliers; our ability to attract, integrate and retain
key personnel; the early stage of products under development; our
need for substantial additional funds; government regulation;
patent and intellectual property matters; competition; as well as
other risks described in our SEC filings. We expressly disclaim any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in our expectations or any changes in events,
conditions or circumstances on which any such statement is based,
except as required by law.
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