Categories Other Industries

Adamis finally snags a marketing partner; All eyes on Mylan’s EpiPen

Shares of Adamis (ADMP) have been punched hard for several months due to the company’s inability to find a partner to commercialize its injector prefilled epinephrine syringe, Symjepi. Finally, Adamis has now entered into a deal with Swiss pharma company Novartis, though the terms of the deal were not disclosed. Adamis shares rose 35.94% on Monday following this news.

Billed as a low-cost alternative to existing treatments like Mylan’s (MYL) EpiPen, Adami’s Symjepi won the US FDA approval last year in June to treat allergic reactions including anaphylaxis. In November, the pediatric version of the injector was approved by the regulators. However, Symjepi that could generate hundred million in annual sales and didn’t get a chance to compete with Mylan as it didn’t find a commercial partner. When investors grew frustrated, the company hinted a potential partnership deal.

RELATED: Mylan wins FDA approval for biosimilar of Neulasta

Investors cheered the company’s latest move to sell the US commercial rights of Symjepi injector to Sandoz, a unit of Novartis. The deal includes 0.3mg injection, as the 15mg injection is currently awaiting the FDA approval.

The path to gain FDA approval was a rocky one for Symjepi. When Adamis failed to get the FDA nod for Symjepi in 2015 and 2016, the drugmaker lost Allergan’s (AGN) Watson Laboratories business unit as its commercialization partner. Outside the US, Adamis holds the rights to market Symjepi.

Adamis, meanwhile, did not disclose the pricing of Symjepi. EpiPen is sold for $600.

RELATED: Novartis to demerge underperforming eyecare business Alcon

Most Popular

AVGO Earnings: All you need to know about Broadcom Q1 2021 earnings results

Broadcom Limited (NASDAQ: AVGO) reported first quarter 2021 earnings results today. Total revenue increased 14% year-over-year to $6.65 billion. GAAP net income was $1.3 billion, or $3.05 per share, compared

Infographic: Costco (COST) Q2 2021 sales up 15%; earnings miss

Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat. Net profit was $951 million

Will shifting to as-a-service model help Hewlett Packard in emerging stronger from COVID?

With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top