Teva Pharmaceutical Industries has completed the acquisition of Auspex Pharmaceuticals through the successful tender offer for all of the outstanding shares of common stock of Auspex at $101 per share in cash, representing total consideration of approximately $3.2 billion in enterprise value and approximately $3.5 billion in equity value. The acquisition is expected to enhance Teva’s revenue and earnings growth profile and strengthen its core central nervous system franchise. Auspex now is a wholly owned subsidiary of Teva.
Auspex is an innovative biopharmaceutical company specializing in applying deuterium chemistry to known molecules to create novel therapies with the potential for improved safety and efficacy profiles. Its lead compound is SD-809 (deutetrabenazine) for the potential treatment of chorea associated with Huntington’s disease, tardive dyskinesia and Tourette syndrome.
In April, data were presented on topline results of a phase III study of SD-809 in Huntington’s. The compound has been granted Orphan Drug status by the FDA and the NDA is expected to be submitted in the second quarter of this year.
The tender offer expired at 12:01 a.m. May 5. The depositary for the offer advised Teva that, as of the expiration of the tender offer, a total of 24,889,292 shares were validly tendered into and not validly withdrawn (not including 613,455 shares tendered pursuant to notices of guaranteed delivery), representing approximately 77.7% of Auspex’s outstanding shares. The condition to the tender offer that at least a majority of the outstanding shares of Auspex’s common stock be validly tendered and not validly withdrawn prior to the expiration of the tender offer was thus satisfied and, accordingly, all such validly tendered shares were accepted for payment. Teva will promptly pay for all such shares in accordance with the terms of the tender offer.