InvaGen will continue to hold shares in Avenue Therapeutics

InvaGen will continue to hold shares in Avenue Therapeutics

The Mumbai-based drugmaker at that time had stated that it intends to acquire Avenue Therapeutics, a Fortress Biotech company, in two stages.

Drug major Cipla on Wednesday said its auxiliary InvaGen Pharmaceuticals will keep on holding shares in US-based Avenue Therapeutics notwithstanding end of the stock buy and consolidation agreement they inked in 2018. In November 2018, Cipla had reported that InvaGen Pharmaceuticals Inc has gone into definitive agreements to obtain US-based speciality business firm Avenue Therapeutics for up to USD 215 million.

In November last year, the drug maker, however, announced that InvaGen has received a notice from Avenue for termination of the acquisition deal they inked in 2018.

The stock purchase and merger agreement (SPMA) entered between InvaGen and Avenue has been terminated with effect from November 1, 2021, Cipla said in a regulatory filing.

“However, the stockholders agreement November 12, 2018 between InvaGen, Avenue and other stockholders remains in force; and InvaGen will continue to hold shares in Avenue,” it added.

Avenue Therapeutics is focused on development and commercialisation of intravenous (IV), Tramadol, a painkiller.

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
This is the end of Evergrande as China's ownership problems spread
China considers Evergrande spin-off to stem ownership crisis
A group led by China Cinda Asset Management Co., a state-owned bad debt manager and major Evergrande creditor, would take over any unsold property assets, ...
On Apple TV, FuboTV introduces new FanView widgets in addition to multi-view
On Apple TV, FuboTV introduces new FanView widgets in addition to multi-view
TENAA is the Chinese certification agency, and a listing of Samsung’s yet-unannounced Galaxy A53 has now revealed some key aspects of the phone. Judging by ...
Centene attracted Cigna takeover interest in coming months
Centene attracted Cigna takeover interest in coming months
While other insurers may also be interested in Centene, Cigna is seen as one of the most logical partners in the current, more-rigorous antitrust environment ...
White House wants encryption rules as a matter of national security
White House wants encryption rules as a matter of national security
The White House National Security Council would also be involved, the person said, since crypto has economic implications for national security. Along those ...
Westport party planner spins business during pandemic
Westport party planner spins business during pandemic
Blumenfeld says she was very busy last fall with events and she already has events booked this spring. She now sells a lot of baby gifts, personalized cups, ...
New home COVID-19 test insurance coverage page launched
New home COVID-19 test insurance coverage page launched
Individuals can also find testing sites through an online search tool, and they now have access to free at-home test that will be sent directly from the ...
Pa. passes 40,000 deaths to COVID-19
Pa. passes 40,000 deaths to COVID-19
Why have there been more COVID-19 deaths in 2021 despite the availability of vaccines? In another previous interview, Goldman said that vaccinated ...
Record 14.5 million Americans signed up for health coverage in 2022 under the Affordable Care Act
Record 14.5 million Americans signed up for health coverage in 2022 under the Affordable Care Act
With the end of open enrollment in most states, people still looking for coverage will need a specific reason, such as losing a job or a change in family ...
Elden Ring, a highly anticipated PS5 and PS4 action RPG, is Game Informer’s latest cover star
Elden Ring, a highly anticipated PS5 and PS4 action RPG, is Game Informer’s latest cover star
The blurb teases: “In our 18-page cover story, we take on the game’s first major boss, explore previously unrevealed areas of the open world, journey to the ...
Air India to increase in-flight service in first and business class
Air India to increase in-flight service in first and business class
Air India used to carry out elaborate meal services in its first class but these were discontinued several years ago due amid financial crunch. The airline’s ...
Show next
We will be happy to hear your thoughts

Leave a reply

Compsmag - Latest News In Tech and Business
Logo