Switzerland's Novartis buys US-based biotech firm Spinifex Pharmaceuticals for undisclosed sum

Associated Press

Swiss drug manufacturer Novartis says it is buying Spinifex Pharmaceuticals, a U.S.-based biotechnology company that specializes in developing treatments for chronic pain.

Novartis didn't disclose financial details Monday of the agreement to buy privately held Spinifex, which has its headquarters in Stamford, Connecticut, and an office in Melbourne, Australia.

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The head of Novartis Pharmaceuticals, David Epstein, said that Spinifex's lead product, EMA401, "could provide a novel, differentiated treatment approach to provide relief for patients and healthcare providers worldwide."