Avanir gains rights to Concert's 'heavy' Nuedexta dextromethorphan
This article was originally published in Scrip
Concert Pharmaceuticals has forged a pact with Avanir, whereby Avanir gains global rights to develop and commercialise experimental, deuterium-modified dextromethorphan compounds. Avanir plans to develop the compounds – still in the preclinical stage – for the potential treatment of neurological and psychiatric disorders.
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ChemoCentryx has successfully completed its initial public offering on Nasdaq, raising $45 million to help support its multiple R&D programmes. It sold 4.5 million shares at $10, a somewhat less ambitious debut than it had originally planned in January when it wanted to sell four million shares at $14-$16. The reduced offer is a sign of the challenging nature of the IPO market, but ChemoCentryx's assessment of its own worth was at least closer to the market’s assessment that Cempra which got its IPO away on 6 February at valuation that was less than two-thirds of that implied by its initial prospectus (scripintelligence.com, 7 February 2012).
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