Switzerland’s Novartis Buys US Biotech Firm Spinifex

29 Jun 2015 | Author: | No comments yet »

Novartis to Pay at Least $200 Million for Chronic Pain Medicine.

Novartis will make extra payments to Spinifex’s investors, which include the fund that controls insulin maker Novo Nordisk A/S, based on the medicine meeting development goals, Spinifex said in a statement on Monday. BERLIN – Swiss drug manufacturer Novartis says it is buying Spinifex Pharmaceuticals, a U.S.-based biotechnology company that specializes in developing treatments for chronic pain. Novartis didn’t disclose financial details Monday of the agreement to buy privately held Spinifex, which has its headquarters in Stamford, Connecticut, and an office in Melbourne, Australia. The head of Novartis Pharmaceuticals, David Epstein, said that Spinifex’s lead product, EMA401, “could provide a novel, differentiated treatment approach to provide relief for patients and healthcare providers worldwide.” The market for treating the condition may reach $3.5 billion by 2022, according to Spinifex. “Current treatments for neuropathic pain do not relieve pain in all individuals or are not well tolerated, so drugs targeting a new treatment modality are needed urgently,” Spinifex said.

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