Like a bull in a drugstore, Ireland-based Allergan (AGN
) is continuing its pharmaceutical shopping spree, saying
today it plans to buy Tobira Therapeutics (TBRA
) for up to nearly $1.7 billion.
The news comes just about a week after Allergan said
it would buy Vitae Pharmaceuticals (VTAE
) for $639 million cash, and it will continue to expand the company's potential therapeutic lineup.
Allergan's share price was down slightly midday on the news to around $239.32 at noon, while Tobira's rocketed up $38.21 by midday from a previous close of $4.74.
While the Vitae deal will potentially offer Allergan additional dermatology treatments, the Tobira buy would offer potential drugs for liver diseases that are unrelated to alcoholism.
A clinical-stage biopharmaceutical company, Tobira is working on
therapies for liver diseases that can lead to scarring of the organ, cirrhosis, cancer and other problems. One of the company's possible treatments, Cenicriviroc is ready for Phase 3 clinical trial, while the another, Centaur, is going through a Phase 2b clinical trial. A third, Evogliptin, is now in a Phase 1 trial.