Jazz Pharmaceuticals acquired Cavion.

Jazz Pharmaceuticals has acquired Cavion through a merger with a Jazz subsidiary. Under the terms of the agreement, the former Cavion shareholders receive an upfront payment of $53m and have the potential to receive additional payments of up to $260m upon the achievement of certain clinical, regulatory and commercial milestones, for a total potential consideration of $313m. Cavion, a clinical-stage biotechnology company and now a wholly-owned subsidiary of Jazz, creates therapies aimed at modulating the T-type calcium channel for the treatment of chronic and rare neurological diseases. "Jazz shares Cavion's passion to develop differentiated therapies for patients. We believe that Jazz Pharmaceuticals' development and commercial expertise will help realize the value of CX-8998 as a treatment for patients with essential tremor." Andrew Krouse, Cavion president and chief executive officer.