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June 29, 2015.
Novartis is to expand its neuroscience portfolio with the acquisition of neuropathic pain company, Spinifex Pharmaceuticals (Preston, VIC, Australia and Stamford, CT) for an upfront cash consideration of US$200 million plus undisclosed milestone payments. Neuropathic pain is a chronic condition with high unmet medical need as approximately 40% of patients do not respond to current first-line treatment and a further 25% do not respond to second-line treatment options, states Novartis's press release. It is estimated that up to 7 to 8% of the adult population suffer from chronic pain with neuropathic characteristics. See Novartis's press release here.