Allergan acquires Irvine-based Chase Pharmaceuticals for $125M
Thursday, December 01, 2016
(Source: Orange County Register)
Allergan has acquired Irvine-based Chase Pharmaceuticals for $125 million, the company announced last week.
Chase is a clinical stage company focusing on drugs to combat Alzheimer’s disease. In addition to a $125 million upfront payment, Allergan will pay regulatory and sales milestones.
“This acquisition adds a new Phase 3-ready program for Alzheimer’s disease to our CNS portfolio and builds on our commitment to develop innovative approaches to improve the lives of millions of patients suffering from this devastating illness,” said David Nicholson, Allergan’s chief research and development officer, in a statement.
Allergan, which is based in Dublin, Ireland, but has offices in Irvine and New Jersey, was based in Irvine until it was acquired for about $70 billion by Dublin-based Actavis in 2015. The company still has eye care and aesthetics medicine operations in Irvine.
Chase is being integrated into Allergan as part of the acquisition. Some employees will continue to work on the product with Allergan. Top Chase executives will be leaving the company.
Category: Economic Development