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Jazz Pharmaceuticals acquires neurological drug developer Cavion

Jazz Pharmaceuticals PLC acquired Cavion Inc. for $52.5 million up front.

The deal was carried out through the merger of Cavion and a Jazz Pharmaceutical subsidiary.

Charlottesville, Va.-based Cavion, which develops therapies for chronic and rare neurological diseases, is eligible to receive additional payments of up to $260 million, subject to achievement of certain clinical, regulatory and commercial milestones.

The company's lead drug candidate, CX-8998, is being investigated as a potential treatment for essential tremor, a neurological disorder characterized by involuntary and rhythmic shaking, mostly of hands.

Jazz Pharmaceuticals said the transaction and the addition of CX-8998 further diversifies its pipeline and product portfolio.

In addition, Cavion appointed Fortis Advisors LLC as shareholder representative. The company's financial adviser for the deal was MTS Health Partners LP, with Cooley LLP as legal adviser and Pilot Health Advisors LLC as strategic adviser.

Hogan Lovells was Jazz Pharmaceuticals' legal adviser for the acquisition.