InvaGen receives termination notice from Avenue Therapeutics
Cipla announced that its wholly owned step down subsidiary, InvaGen Pharmaceuticals Inc. (InvaGen), USA had entered into a Stock Purchase and Merger Agreement (the SPMA) for acquisition of Avenue Therapeutics Inc. (Avenue), a company focused on the development and commercialization of intravenous (IV) Tramadol.Since the second stage closing could not be completed as per the agreed timelines, in the terms of the SPMA, InvaGen has received a notice of termination from Avenue. InvaGen is evaluating the notice for any further steps that it may be required to take in this regard. The existing shareholding of InvaGen in Avenue shall continue.
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