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Drugmaker Cipla Ltd is divesting its 16.7 per cent stake in Chase Pharmaceuticals Corporation, a Delaware-based corporation, to a subsidiary of Allergan Plc.
The move follows Allergan’s $125-million deal to acquire Chase. In May 2014, Cipla’s UK subsidiary had invested $1.5 million (₹8.9 crore) to acquire a minority stake in Chase Pharmaceuticals through a syndicated venture investment.
The early-stage drug development company had a patented approach to improve the efficacy, safety and tolerability of existing Alzheimer’s medications and was focused on developing new approaches to treat the disease. Cipla was to invest another $4.5 million in Chase on the achievement of certain milestones.
Alzheimer’s drug
Chandru Chawla, who heads Cipla New Ventures and the group’s Corporate Strategy, said Cipla had helped propel an Alzheimer’s drug (in Chase’s portfolio) to an advanced stage of development — 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,” he added.
Chase recently raised Series B from a consortium consisting of New Rhein Healthcare, Edmond de Rothschild Investment Partners and Cipla UK.
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