Shares of Allergan plc Ordinary Shares (NYSE:AGN) ended Friday session in red amid volatile trading. The shares closed down -1.25 points or -0.51% at $245.19 with 3,358,894 shares getting traded. Post opening the session at $245.23, the shares hit an intraday low of $243.72 and an intraday high of $246.70 and the price vacillated in this range throughout the day. The company has a market cap of $97.08 billion and the numbers of outstanding shares have been calculated to be 395.95 million shares.
On Sept. 14, 2016 – Allergan plc (AGN), a leading global pharmaceutical company, and Vitae Pharmaceuticals, Inc. (VTAE), a clinical-stage biotechnology company, announced that they have entered into a definitive agreement under which Allergan will acquire Vitae for $21.00 per share, in cash, for a total transaction value of approximately $639 million. The Boards of Directors of both companies have unanimously approved the transaction.
The acquisition will strengthen Allergan’s dermatology product pipeline, with the addition of VTP-43742, a Phase 2 first-in-class, orally active RORγt (retinoic acid receptor-related orphan receptor gamma) inhibitor for the potential treatment of psoriasis and other autoimmune disorders. VTP-43742 acts through the potent inhibition of IL-17 activity. In preclinical studies, VTP-43742 has been observed to inhibit RORγt activity, is highly selective versus other ROR isotypes and may provide a treatment that could be administered as a once-daily oral dose. The compound recently completed a Phase 2 proof-of-concept multiple ascending dose trial in patients with moderate to severe psoriasis.
The acquisition also adds VTP-38543, a topical LXRβ (Liver X Receptor beta) selective agonist for the potential treatment of atopic dermatitis. It is believed that VTP-38543 works by decreasing inflammation in damaged skin tissue and repairing the damaged outer layer of skin. VTP-38543 is currently in a Phase 2a proof-of-concept clinical trial assessing the safety, tolerability and efficacy in patients with mild to moderate atopic dermatitis.
Vitae has developed and utilizes its Contour® structure-based drug design platform to discover product candidates for validated therapeutic targets where biopharmaceutical research and development has traditionally struggled to develop drugs due to challenges related to potency, selectivity and pharmacokinetics. This has provided Vitae’s R&D team the ability to create first-in-class product candidates for challenging therapeutic targets.
“The acquisition of Vitae is a strategic investment for Allergan that adds strength and depth to our innovative medical dermatology franchise,” said Brent Saunders, CEO and President of Allergan. “Vitae has pioneered the discovery and development of highly differentiated first-in-class compounds in atopic dermatitis, psoriasis and autoimmune diseases, areas of medicine where innovation is needed for patients.”
Shares of Juno Therapeutics Inc (NASDAQ:JUNO) ended Friday session in green amid volatile trading. The shares closed up +0.71 points or 2.44% at $29.80 with 3.24 million shares getting traded. Post opening the session at $28.80, the shares hit an intraday low of $28.80 and an intraday high of $29.87 and the price vacillated in this range throughout the day. The company has a market cap of $3.23 billion and the numbers of outstanding shares have been calculated to be 105.78 million shares.
Juno Therapeutics Inc (JUNO) engages in developing cell-based cancer immunotherapies. The company develops cell-based cancer immunotherapies based on its chimeric antigen receptor and T cell receptor technologies to genetically engineer T cells to recognize and kill cancer cells. Its clinical stage CD19 product candidates include JCAR015 that is in Phase II clinical trials for adult patients with relapsed/refractory B cell acute lymphoblastic leukemia (r/r ALL); JCAR017, which is in Phase I/II trials for pediatric patients with r/r ALL; and JCAR014 that is in Phase I/II trials to treat various B cell malignancies in patients relapsed or refractory to standard therapies.