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Jazz buys Virginia biotech firm in deal valued at up to $312.5M

Jazz Pharmaceuticals, a Dublin-based pharmaceutical company with a large presence in Philadelphia, has acquired a Virginia biotech firm working on a treatment for tremors.

Under terms of the agreement, Jazz (NASDAQ: Jazz) will pay Cavion Inc. shareholders $52.5 million upfront plus potential payments of up to an additional $260 million if certain undisclosed regulatory and commercial milestones are met.

Charlottesville-based Cavion will operate as a wholly-owned subsidiary of Jazz.

The deal broadens…

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