Endo completes sale of early-stage drug discovery portfolio

Ireland-headquartered Endo Pharmaceuticals (Nasdaq: ENDP) has completed the sale of its branded pharmaceutical drug discovery platform to AsanaBioSciences, an independent member of the Amneal Alliance of Companies.

The deal includes an upfront payment as well as milestones on the achievement of certain development objectives. Endo initiated the exploration of strategic alternatives for the portfolio of early-stage drug discovery assets in 2013 as part of the company's portfolio optimization process. The sale includes multiple early-stage drug discovery and development candidates in a variety of therapeutic areas, including oncology, pain and inflammation, among others. Financial terms were not disclosed.

"The sale of the early stage discovery platform is another step in the transformation of Endo," said Rajiv De Silva, president and chief executive of Endo, adding: "We continue to make progress against the strategic objectives we set forth in 2013 and remain enthusiastic about what lies ahead for Endo. We are committed to supporting the organic growth of our existing business segments as we search for attractive acquisition targets to enhance our portfolio of pharmaceutical products."