Cipla has agreed to acquire Avenue Therapeutics, a Fortress Biotech company focussed on developing and commercialising intravenous (IV) Tramadol.
Umang Vohra, Cipla’s MD and Global CEO, said: “Our investment in and proposed acquisition of Avenue establishes our presence in the specialty institutional business in the US.
“The novel intravenous drug delivery method of Tramadol addresses extremely crucial and hitherto unmet needs in pain management.
“This investment is in keeping with our stated intention to build a specialty pipeline in the US market and reinforces Cipla’s innovation-led approach and commitment to caring for the life of patients.”
Lucy Lu, President & CEO of Avenue, added: “IV Tramadol offers a novel mechanism of action among intravenous analgesics and could be an important new therapy that fills a significant gap in pain management.
“We believe that this transaction creates significant value for our shareholders and creates a path to maximize their return on investment.”