Teva Pharma announced it will acquire Sunrise Pharma from its current shareholders for $4.3 billion.
Sunrise Pharma was founded in 2015 by a group of entrepreneurs who decided to build a generic drug platform with a focus on addressing the need for a safe, affordable, and effective treatment for multiple sclerosis (MS).
The platform focused on a drug for the treatment of multiple sclerosis called TevaMed, but the company was unable to deliver the product on schedule due to various issues.
The new acquisition by Tevac Pharma, which will acquire the assets of Sunrise Pharma for $1.1 billion, will allow Sunrise to focus on its next phase of development.
Sunrise will focus on two areas of focus: the development of new drugs, and the development and commercialization of products and systems that will be useful for patients with multiple sclerosis.
The company will also continue to grow its patient population through its new clinical trials program, which is expected to be a key driver of growth in the future.
In addition to Sunrise, the new acquisition also includes Teva’s portfolio of medical device companies.
Teva’s current stockholders will also be sold.
Last month, Teva announced it was buying out its stake in another biotech startup, Mylan Inc. in a $4 billion deal.
With its acquisition of Sunrise, Tevax will also get more than $1 billion in cash, the company said in a statement.
For more on Teva, visit teva.com