Business & Tech
Allergan Buys Evanston-Based Drug Company
Naurex - in the midst of Phase 3 trials of drug for severe depression - bought by giant for $560 million.
An Evanston-based drug startup is being bought by Allergan for $560 million.
Naurex is one of the only Chicago-area drug companies to reach Phase 3 trials - the last stop before it can be prescribed - according to Crain’s Chicago. Allergan will buy GLYX-13, a “promising drug for severe depression” and its oral version that is currently being developed.
“The intravenous treatment is viewed as potentially faster-acting, longer-lasting and having fewer, less severe side effects than some other treatments. It also has appeal as an emergency suicide-prevention treatment.”
Find out what's happening in Evanstonfor free with the latest updates from Patch.
The drug is expected to enter Phase 3 trials this summer and be on the market in four years.
The Naurex team, now 50-employees deep, will create a new company and begin to develop other drugs.
Find out what's happening in Evanstonfor free with the latest updates from Patch.
“We have the opportunity to do it all over again,” said former Baxter executive Norbert Riedel, who leads Naurex.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
