DUBLIN, Nov. 22, 2016 /PRNewswire/ -- Allergan plc (NYSE: AGN), a leading global pharmaceutical company, today announced that it has completed the acquisition of Chase Pharmaceuticals Corporation, a clinical-stage biopharmaceutical company focused on the development of improved treatments for neurodegenerative disorders including Alzheimer's disease (AD), Allergan acquired Chase for an upfront payment of $125 million (subject to certain adjustments) and additional potential regulatory and sales milestone payments related to Chase's lead compound, CPC-201, and certain backup compounds. Logo - http://photos.prnewswire.com/prnh/20150612/222796LOGO "Alzheimer's disease is a neurodegenerative disease that represents a major and growing global public health problem, for which very few approved treatment options are available, and the societal cost is measured in hundreds of billions of dollars, so the need for improved treatment choices is paramount," said David Nicholson, Chief Research & Development Officer, Allergan. "This acquisition adds a new Phase 3 ready program for Alzheimer's disease to our CNS portfolio and builds on our commitment to develop innovative approaches to improve the lives of millions of patients suffering from this devastating illness." Chase's lead compound, CPC-201, is a patent-protected combination of the most commonly prescribed acetylcholinesterase inhibitor (AChEI), donepezil, and the peripherally acting cholinergic blocker, solifenacin. AChEIs have been shown to improve cognition in Alzheimer's disease patients. Currently approved AChEIs are only modestly effective due to dose-limiting side effects, including diarrhea, nausea and vomiting. In Phase 2 clinical trials, 29 out of 33 patients (88%) reached 40 mg/day of donepezil (maximum dose allowed), without experiencing dose-limiting adverse events. This median donepezil dose did not change significantly during three months of maintenance treatment. Chase's next-generation formulations offer the possibility of greater and more tolerable dosing, and may provide the potential for significantly improved cognition and function in Alzheimer's disease patients. Chase Pharmaceuticals recently completed an End of Phase 2 meeting with the Food and Drug Administration (FDA). Based on feedback from the FDA, Allergan intends to advance CPC-201 into a single Phase 3 registration study in 2017.