Jazz Pharmaceuticals plc (Nasdaq: JAZZ), a global biopharmaceutical company dedicated to developing life-changing medicines for people with limited or no options, acquired Cavion, Inc., a Charlottesville, VA and Cambridge, MA-based clinical-stage biotechnology company.
Under the terms of the deal, which was made possible through a merger with a Jazz subsidiary, the former Cavion shareholders receive an upfront payment of $52.5m and have the potential to receive additional payments of up to $260.0m upon the achievement of certain clinical, regulatory and commercial milestones, for a total potential consideration of $312.5m.
Led by Andrew Krouse, president and chief executive officer, 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, is a first-in-class T-type calcium channel modulator in development for essential tremor. It 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.
Led by Robert Iannone, M.D., M.S.C.E., executive vice president, research and development, Jazz Pharmaceuticals is a leader in sleep medicine with a growing hematology/oncology portfolio. The company markets SunosiTM (solriamfetol), Xyrem® (sodium oxybate) oral solution, Defitelio® (defibrotide sodium), Erwinaze® (asparaginase Erwinia chrysanthemi) and Vyxeos® (daunorubicin and cytarabine) liposome for injection in the U.S. and markets Defitelio® (defibrotide), Erwinase® and Vyxeos® 44 mg/100 mg powder for concentrate for solution for infusion in countries outside the U.S.