Pharma BD Deal Intelligence
Allergan's ~$958M all-cash acquisition of MAP Pharmaceuticals was a bet entirely on Levadex, an inhaled migraine drug the FDA rejected three times, including once as "Semprana." The drug was never approved or launched under Allergan or any successor, making the deal a bust.
GEN positioned the deal positively as expanding Allergan's neurology depth, complementing Botox chronic migraine with an acute-migraine asset and adding MAP's…
Drugs.com chronicled Levadex's regulatory history — original March 2012 CRL, January 2013 Allergan acquisition, April 2013 second CRL — undercutting the…
Medscape reported Levadex received a Complete Response Letter from FDA in April 2013 citing CMC and third-party manufacturer inspection issues — the second…
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Allergan to acquire MAP at $25/share (~$958M, 60% premium) to expand neurology/migraine franchise via Levadex orally inhaled DHE; cash tender + back-end merger.
Assessment window: 5yr post-close.
Migraine is a recurrent neurovascular headache disorder marked by throbbing pain, photophobia, phonophobia, nausea, and sometimes aura. It affects roughly 30 million Americans, disproportionately women, and ranks among the leading causes of disability worldwide. Acute therapy targets fast pain relief and elimination of associated symptoms, complemented by preventive therapy for high-frequency or chronic migraine.
In early 2013 acute migraine therapy was anchored by oral triptans (sumatriptan / Imitrex, rizatriptan / Maxalt, and follow-ons), with limited differentiation as most had gone generic. For triptan-refractory patients or those needing fast non-oral delivery, Valeant's Migranal (DHE nasal spray) and injectable DHE were the main alternatives. Levadex (orally inhaled dihydroergotamine) was MAP Pharmaceuticals' lead asset — a reformulated DHE designed for fast pulmonary absorption with lower nausea than IV/IM DHE. The pivotal FREEDOM-301 trial met all four primary endpoints. Allergan and MAP had a January 2011 co-promotion deal ($60M upfront + up to $97M in milestones) for neurology/pain physicians; the January 2013 acquisition at $25/share (60% premium, ~$958M) consolidated full economics ahead of the April 15, 2013 PDUFA date. The deal also gave Allergan inhalation platform IP. Levadex was ultimately rejected by FDA in March 2012 on CMC issues, then again in April 2013 (Complete Response Letter on CMC and third-party manufacturing inspection observations) — no clinical safety/efficacy concerns. The franchise was eventually shelved, and CGRP-targeted classes (Aimovig, Ubrelvy, Nurtec) and STS101 nasal-powder DHE later reshaped the migraine market. Source: https://www.genengnews.com/news/allergan-grows-migraine-portfolio-with-958m-map-purchase/
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Allergan plc / MAP Pharmaceuticals Inc. (this deal) | 2013 | $958M | 18 |
| Allergan plc / Merck & Co., Inc. (CGRP receptor antagonist program) | 2015 | $250M | 91 |
| Allergan plc / SkinMedica, Inc. | 2012 | $375M | 55 |
| Allergan plc / Inamed Corporation | 2005 | $3.2B | 50 |
| Allergan plc / Oculeve, Inc. | 2015 | $250M | 33 |
| Allergan plc / Zeltiq Aesthetics, Inc. | 2017 | $2.5B | 32 |
| Allergan plc / Kythera Biopharmaceuticals, Inc. | 2015 | $2.1B | 23 |
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