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Cipla’s arm inks agreement with Avenue Therapeutics

InvaGen Pharmaceuticals Inc., a subsidiary of the leading global pharmaceutical company Cipla, has entered into definitive agreements with two closing stages for a proposed acquisition of Avenue Therapeutics, Inc., a Fortress Biotech company focused on the development and commercialization of intravenous (IV) Tramadol.

At the first stage closing, InvaGen or its affiliates will acquire, through the issuance by Avenue of new shares, shares representing a 33.3% stake in Avenue’s capital stock on a fully diluted basis for $35 million.

Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients. The company’s portfolio includes over 1500 products across wide range of therapeutic categories with one quality standard globally.

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