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Forest Laboratories, Inc. (FRX) Coughs Up $25 Million for Nabriva Therapeutics's Phase II Antibacterial, Right to Take Over Company


6/1/2012 6:42:35 AM

Vienna (Austria), June 1, 2012 - Forest Laboratories and Nabriva Therapeutics announced today they have entered into an agreement for the development of Nabriva’s novel antibacterial agent, BC-3781. Pursuant to the agreement, Forest will provide Nabriva with $25 million, and fund and conduct in collaboration with Nabriva, certain development activities related to BC-3781 over the next 12 months. During the 12-month period, Forest has the exclusive right to acquire Nabriva. Forest's decision to acquire Nabriva will be dependent upon certain contingencies. No further financial or other terms were disclosed. The transaction is subject to customary regulatory clearances including termination of the applicable Hart-Scott-Rodino waiting period. Citi and WilmerHale acted as advisors to Nabriva in regards to this transaction

About BC-3781

BC-3781 belongs to a novel class of antibiotics, the pleuromutilins. BC-3781 exhibits microbiological activity against a wide range of Gram-positive pathogens (including Methicillin-Resistant Staphylococcus aureus or MRSA and penicillin-resistant Streptococcus pneumoniae) as well as certain Gram-negative organisms (including Legionella pneumophila and Chlamydophila pneumoniae), often implicated in respiratory infections. In addition, studies to date suggest BC-3781 exhibits no cross resistance with other antibiotic classes and has a low propensity for inducing resistance itself. Based on its profile, BC-3781 may have utility in the treatment of both Acute Bacterial Skin and Skin Structure Infections (“ABSSSI”) and Community Acquired Bacterial Pneumonia, among other conditions. BC-3781 would complement Forest’s existing hospital antibiotic franchise because intravenous and oral forms are expected, providing an opportunity to treat patients after they are discharged from a hospital. In 2011, Nabriva announced positive results from a Phase 2b study of BC-3781 in 207 patients with ABSSSI and the parties expect to advance BC-3781 into pivotal Phase 3 studies in 2013.

About Nabriva Therapeutics

Nabriva Therapeutics is a biotechnology company focused on developing a new class of antibiotics for the treatment of serious infections caused by resistant pathogens. Nabriva’s lead systemic product, BC-3781, is being developed for the treatment of serious skin infections and bacterial pneumonia caused by S. aureus, S. pneumoniae, Haemophilus influenzae, Mycoplasma pneumoniae, L. pneumophila and other bacteria, including drug resistant strains such as MRSA and Vancomycin resistant Enterococcus faecium. Nabriva Therapeutics has a proven track record in world-class medicinal chemistry, clinical expertise, a seasoned management team and solid IP. Nabriva’s current shareholders include: Phase4 Ventures, HBM Partners, The Wellcome Trust, Global Life Science Ventures, Novartis Venture Fund and Sandoz. Nabriva Therapeutics is located in Vienna, Austria.

About Forest Laboratories

Forest Laboratories' (NYSE: FRX) longstanding global partnerships and track record developing and marketing pharmaceutical products in the United States have yielded its well-established central nervous system and cardiovascular franchises and innovations in anti-infective, respiratory, gastrointestinal and pain management medicine. Forest’s pipeline, the most robust in its history, includes product candidates in all stages of development across a wide range of therapeutic areas. The Company is headquartered in New York, NY. To learn more, visit www.FRX.com.

Except for the historical information contained herein, this release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks and uncertainties, including the difficulty of predicting FDA approvals, the acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, the timely development and launch of new products, and the risk factors listed from time to time in Forest Laboratories' Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and any subsequent SEC filings.

CONTACT:

Forest Laboratories, Inc.

Frank J. Murdolo, 1-212-224-6714

Vice President - Investor Relations

Frank.Murdolo@frx.com

CONTACT NABRIVA THERAPEUTICS:

College Hill Life Sciences

Melanie Toyne Sewell

T: +44 (0)20 7457 2029

Melanie.toyne-sewell@collegehill.com

Dr Robert Mayer

Account Director

T +49 (0)89 5238 8030

robert.mayer@collegehill.com




   

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