Forest Labs to buy Clinical Data

The purchase price is $30 per share in cash plus contingent consideration of up to $6 per share that may be paid upon achievement of certain commercial milestones related to Viibryd (vilazodone HCL tablets), a novel antidepressant for the treatment of major depressive disorder (MDD).

Forest, which has successfully commercialized novel anti-depressants such as Celexa and Lexapro, intends to leverage its existing presence in the antidepressant category through the launch of Viibryd.

Developed by Clinical Data and approved by the FDA on 21 January 2011, Viibryd is expected to retain market exclusivity until March 2020 including full patent term extension of its composition of matter patent and anticipated pediatric exclusivity.

In addition, the transaction brings to Forest Stedivaze (apadenoson), a potent agonist of the adenosine A2A receptor subtype with improved selectivity for this receptor over other subtypes (A1 and A2B).

Stedivaze is a coronary vasodilator in Phase III development as a pharmacologic stress agent for radionuclide myocardial perfusion imaging (MPI).

Forest Labs chairman, CEO and president Howard Solomon said the transaction is consistent with their strategy to acquire new products that will help offset the loss of revenues due to patent expiries.

"Viibryd will be the second new product that we expect to launch this year in addition to Teflaro. In addition, we are hopeful to obtain FDA approval later this quarter for Daxas (roflumilast), for the treatment of COPD. We plan to submit New Drug Applications for aclidinium and linaclotide in the second half of this year and for two additional products in calendar 2012," Solomon said.