Thar Pharmaceuticals won’t be pushing ahead with its IPO after all. The Pittsburgh-based biotech is getting bought out by Germany’s Grunenthal, which was attracted to the deal by Thar’s leading program, the Phase III-ready rare disease drug T121.
Thar outlined its case to investors in its S-1, spotlighting a move to take an IV-formulated drug and make it into a pill for a rare condition called complex regional pain syndrome, or CRPS.
There was no word of the terms for the acquisition.
Grunenthal aims to be a player in CRPS. It acquired IV neridronate and is currently in Phase III for CRPS, shooting at becoming the first treatment approved for the condition.
“We are expanding our development portfolio for treating patients with orphan, disabling diseases. For CRPS, an often debilitating, extremely painful syndrome, truly efficacious treatments are lacking today,” explained Dr. Klaus-Dieter Langner, Chief Scientific Officer of Grünenthal. “With the successful development of our expanded portfolio, oral T121 and IV neridronate, Grünenthal seeks to offer CRPS patients new hope for the future. Our teams are highly motivated and will use all of their knowledge, experience and resources to bring these promising treatments to market for patients as soon as possible.”
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