The UK's Vernalis has agreed to pay up to $64.5 million to acquire Ontario-based Cita NeuroPharmaceuticals, adding new drug candidates in neurology and the central nervous system to Vernalis' pipeline. Cita has an experimental drug for Parkinson's destined for a late stage trial in the second half of next year and a therapy for neuropathic pain headed into a Phase II study. Vernalis will pay $29.5 million up front and up to $35 million more in outlined milestones. Just weeks ago Vernalis bought the rights to Apokyn, which treats a symptom of Parkinson's.
"Our CNP1512 Parkinson's drug candidate, entering Phase III clinical trials, gives Vernalis a broader and more mature development pipeline in its key area of neurology and CNS disorders," said Cita CEO Anthony Giovinazzo. "Vernalis is also building a specialty pharmaceutical commercialization capability in the form of a sales force in the US."
- read this article from The Telegraph for more