 "Cipla divests stake in US-based Chase Pharmaceuticals to Allergan")
Cipla Limited announced that Chase Pharmaceuticals Corporation, a Delaware (USA) based corporation (in which Cipla Limited’s UK arm, Cipla EU Ltd has 16.7 percent stake), has been acquired by a subsidiary of Allergan Plc.
Allergan has agreed to pay $125 million upfront plus potential regulatory and commercial milestones of up to $875 million to the shareholders of Chase. Cipla UK acquired a minority stake in Chase in May 2014 via a syndicated venture investment.
Chandru Chawla, head of corporate strategy and Cipla New Ventures, said, “Cipla Group is proud to have made a meaningful contribution in advancing an Alzheimer’s drug to an advanced stage of development where the product has now successfully concluded Phase 2 study. We believe that Chase’s pipeline will be successful at Allergan, given their strength as a leading CNS commercial franchise.”
Chase was financed most recently by a Series B consortium consisting of New Rhein Healthcare, Edmond de Rothschild Investment Partners and Cipla UK. Commenting on the investment, Dr Nayan Parekh, founder of New Rhein Healthcare and chairman of the board of Chase Pharmaceuticals, said, “Cipla UK has been an excellent partner in the Chase investment and added significant value to the progress of the company. I look forward to building on our partnership with the Cipla Group in the future.”
Chase Pharmaceuticals Corporation is a clinical-stage biopharmaceutical company focused on the development and commercialisation of improved treatments for neurodegenerative disorders. Chase’s development program, if successful, could profoundly improve the symptomatic treatment of Alzheimer's disease. Chase is led by its chief executive officer and president, Douglas Ingram, formerly the president of Allergan Inc. Chase has closed over $24 million in funding to date, with approximately $22 million through a Series B financing led by New Rhein Healthcare Investors, LLC, Edmond de Rothschild Investment Partners, Cipla UK and Brain Trust Accelerator Fund.
Chase Pharmaceuticals Corporation is a clinical-stage biopharmaceutical company focused on the development and commercialisation of improved treatments for neurodegenerative disorders. Chase’s development program, if successful, could profoundly improve the symptomatic treatment of Alzheimer's disease. Chase is led by its chief executive officer and president, Douglas Ingram, formerly the president of Allergan Inc. Chase has closed over $24 million in funding to date, with approximately $22 million through a Series B financing led by New Rhein Healthcare Investors, LLC, Edmond de Rothschild Investment Partners, Cipla UK and Brain Trust Accelerator Fund.
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