Pharma BD Deal Intelligence

Allergan plc / Tobira Therapeutics, Inc.

2016 · Acquisition/Merger · $1.7B · Complete

Announcement Sentiment

Skeptical

Allergan agreed to acquire Tobira Therapeutics for $28.35/share cash upfront plus up to $49.84/share in CVRs tied to development, regulatory, and commercial milestones (~$1.695B total potential). Adds Phase 3-ready cenicriviroc (dual CCR2/CCR5 antagonist) and evogliptin to Allergan's GI/NASH pipeline. Tender offer expired October 31, 2016. Cenicriviroc later failed Phase 3 AURORA in 2020.

Did it work? Outcome assessment

Strategic verdict

Failed to Achieve

Financial impact

Impaired/Written Down

Pipeline outcome

Assets Terminated

Assessment window: 5yr post-close.

Key facts

Announced Sep 20, 2016
Closed Nov 01, 2016
Deal value $1.7B
Deal type Acquisition/Merger
Therapeutic area Non-alcoholic steatohepatitis (NASH) with fibrosis
Indications Non-alcoholic steatohepatitis (NASH) with fibrosis
Key assets Cenicriviroc (CVC); evogliptin
Mechanism Dual CCR2/CCR5 chemokine receptor antagonist (cenicriviroc); DPP-4 inhibitor (evogliptin)

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