Allergan $AGN agreed to buy nano cap Tobira Therapeutics $TBRA for $28.35 a share in upfront cash, which is 6x the previous close of $4.74. The potential consideration paid to TBRA shareholders could rise to $1.695B, depending on the efficacious conclusion of certain milestones [up to $49.84 in Contingent Value Rights (CVRs)] related to Tobira's lead product candidate cenicriviroc, in development for the treatment of non-alcoholic steatohepatitis (NASH). This unusually high premium is even more startling given the failure of cenicriviroc in a previous NASH study, even as the company said the primary endpoint would not be required to support a marketing application.