?Allergen acquires Cipla (EU) Ltd's 16.7 percent stake

Cipla, one of the top pharmaceutical companies in India has said in a statement that Chase Pharamceuticals Corporation, a Delaware-based company, in which Cipla (EU) Ltd, its UK arm has 16.7 percent stake has been acquired by Allergen plc, an Ireland-headquartered company.

Cipla said, "Allergan has agreed to pay USD 125 million upfront plus potential regulatory and commercial milestones of up to USD 875 million to the shareholders of Chase."

The company said that Cipla UK had acquired a minority stake in Chase in May 2014 via a syndicated venture investment.

Chandru Chawla, Head of Corporate Strategy and Cipla New Ventures, said: "We believe that Chase's pipeline will be successful at Allergan, given their strength as a leading CNS commercial franchise."

David Nicholson, Chief Research and Development Officer, Allergan, said, "This acquisition adds a new Phase 3 ready programme for Alzheimer's disease to our CNS portfolio and builds on our commitment to develop innovative approaches to improve the lives of millions of patients suffering from this devastating illness."

Chase was recently financed by a Series B consortium consisting of New Rhein Healthcare, Edmond de Rothschild Investment Partners and Cipla UK.