Policy & Regulation
Jazz Pharmaceuticals closes acquisition of Cavion
13 August 2019 -

Biopharmaceutical company Jazz Pharmaceuticals plc (Nasdaq:JAZZ) reported on Monday the completion of the acquisition of Cavion Inc.

Following a merger with a Jazz subsidiary, Cavion is now a wholly-owned subsidiary of Jazz Pharmaceuticals plc.

The terms of the agreement provides the former Cavion shareholders with an upfront payment of USD52.5m as well as the potential to receive additional payments of up to USD260.0m upon the achievement of certain clinical, regulatory and commercial milestones for a total potential consideration of USD312.5m.

This transaction adds worldwide rights to Cavion's CX-8998, a modulator of T-type calcium channels, for treating essential tremor, represents attractive opportunity for Jazz to broaden its sleep and neuroscience pipeline as well as movement disorders.

Based in Charlottesville, VA and Cambridge, MA Cavion is a clinical-stage biotechnology company that creates therapies aimed at modulating the T-type calcium channel for the treatment of chronic and rare neurological diseases. Its lead molecule, CX-8998, has been evaluated in a Phase 2 randomized, placebo-controlled clinical study in patients with essential tremor. The study demonstrated proof-of-concept, supporting continued development of CX-8998 as a potential treatment for essential tremor.