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New Rhein sells Chase Pharmaceuticals to Allergan.

BANKING AND CREDIT NEWS-November 29, 2016-New Rhein sells Chase Pharmaceuticals to Allergan

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New Rhein Healthcare Investors LLC has successfully concluded its investment in Chase Pharmaceuticals through the sale of this portfolio company to Allergan plc, the company said.

Under terms of the agreement, New Rhein has merged Chase Pharmaceuticals with a subsidiary of Allergan in an all-cash transaction that involves a USD125 million upfront payment and the potential for additional clinical and commercial milestone payments.

Cowen and company served as financial advisor and Hogan Lovells served as legal counsel to the board of directors of Chase Pharmaceuticals in the transaction with Allergan.

New Rhein is a private equity investment firm focused on healthcare therapeutics and medical devices. New Rhein investments have included medicines for Alzheimer's disease, ophthalmic pharmaceuticals, molecular diagnostics and respiratory drug/device inhalers.

Chase Pharmaceuticals Corporation is a clinical-stage biopharmaceutical company focused on the development and commercialization of improved treatments for neurodegenerative disorders.

Chase has closed over USD24 million in funding, with approximately USD22 million through a Series B financing led by New Rhein Healthcare Investors, LLC.

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Publication:M2 Banking & Credit News (BCN)
Date:Nov 29, 2016
Words:198
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