US-based biopharmaceutical firm Adial Pharmaceuticals has acquired UK-based Azora Therapeutics in a deal worth $32 million (£25 million).
The acquisition is set to expand Adial's portfolio of treatments for central nervous system disorders, including depression, anxiety and chronic pain. In a statement released by the company, they confirmed that the acquisition will 'immediately' expand their revenue and growth opportunities.
Azora Therapeutics has been developing novel treatments for CNS disorders using its proprietary technology platform. The firm's lead compound, AZT-115, is currently in phase 1 clinical trials for treatment-resistant depression.
The acquisition of Azora Therapeutics marks Adial's second major deal this year. In January, the company acquired a minority interest in Avidity Biosciences' neuromuscular-focused gene editing platform.