Forest Labs to buy Furiex Pharma for up to $1.46 bln

April 28 Mon Apr 28, 2014 7:38am EDT

April 28 (Reuters) - Forest Laboratories Inc said it would buy Furiex Pharmaceuticals Inc for up to $1.46 billion including milestone payments to access Furiex's treatment for irritable bowel syndrome.

Forest will pay about $95 per share in cash to Furiex shareholders and up to $30 per share in a contingent value right, payable on marketing approval for Furiex's lead drug, eluxadoline.

Forest, which itself is being acquired by Actavis Plc , said Actavis supported the deal announced on Monday.

Forest said it would sell Furiex's royalties on diabetes drug alogliptin and premature ejaculation treatment Priligy to New York-based Royalty Pharma for about $415 million upon successful completion of its acquisition of Furiex. (Reporting by Esha Dey in Bangalore; Editing by Don Sebastian)

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