Mumbai-based drug company Cipla said that its U.S. subsidiary InvaGen Pharmaceuticals Inc formalized a two-stage agreement to acquire specialty pharmaceutical company Avenue Therapeutics Inc for $215 million. New York-based Avenue is focused on the development and commercialization of intravenous (IV) Tramadol. The transaction will be subject to Avenue stockholders’ and regulatory approvals, and other closing conditions.
Cipla Global CEO Umang Vohra said, “Our investment in and proposed acquisition of Avenue establishes our presence in the specialty institutional business in the U.S. The novel intravenous drug delivery method of Tramadol addresses extremely crucial and hitherto unmet needs in pain management.”
Oral Tramadol, a centrally acting analgesic, is currently approved and marketed in the U.S. for moderate to moderately severe pain in adults. There is currently no approved intravenous formulation in the U.S., however Avenue is evaluating IV Tramadol in a pivotal Phase 3 clinical program.
Lucy Lu, M.D., president and chief executive officer, Avenue, said, “We are very pleased to partner with InvaGen to accelerate the Phase 3 clinical development and potential commercialization of IV Tramadol in the United States. We believe that this transaction creates significant value for our shareholders and creates a path to maximize their return on investment.”
Last updated: December 26th, 2025
