Cephalon will buy Ception Therapeutics Inc
Cephalon will buy Ception Therapeutics Inc. following the successful mid-stage clinical trial of its asthma drug candidate.
Tests showed that adults who took the drug Cinquil had greater control over their asthma, the companies said.
The companies struck an agreement in January 2009 under which Cephalon paid $100 million for an option to buy Ception at a later date.
Cephalon exercised that right and agreed to buy Ception for $250 million, plus any debt held by the company.
Ception, based in Malvern, Pa. was a privately held company.
Cinquil is an injection designed to block a type of white blood cell that is involved in allergic conditions like asthma. Cephalon said it will analyze the trial results, and then meet with regulators to discuss late-stage studies of the asthma drug.
Ception is already running late-stage trials of the drug as a treatment for pediatric eosinophilic esophagitis, a condition causes vomiting, chest pain and difficulty swallowing.
Shares of Cephalon Inc. fell 2 cents to $67.38.
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