Post by icemandios on Dec 16, 2021 0:27:50 GMT
Antares Pharma Announces Divestiture of Otrexup®
EWING, N.J., Dec. 15, 2021 (GLOBE NEWSWIRE) -- Antares Pharma, Inc. (NASDAQ: ATRS) (the “Company”), a specialty pharmaceutical company, today announced the divestiture of OTREXUP ® (methotrexate) injection for the treatment of rheumatoid arthritis to a subsidiary of Assertio Holdings, Inc., a commercial pharmaceutical company, for a total cash consideration of $44.0 million inclusive of OTREXUP ® WIP and finished inventory. Under the terms of the asset purchase agreement, Antares will receive an initial payment of $18.0 million at closing plus two additional time-based payments totalling $26.0 million in 2022.
Robert F. Apple, President and Chief Executive Officer of Antares Pharma, commented, “We are pleased to be able to sell OTREXUP to a commercial pharmaceutical company that is committed to maintaining the product’s accessibility to patients and physicians. OTREXUP was the first combination product developed and commercially launched by Antares in 2014. Patients and physicians still benefit from the safety, efficacy and ease-of-use of OTREXUP for rheumatoid arthritis but as we focus on our long-term strategy, rheumatology does not represent a future growth driver. This transaction allows Antares to align our proprietary portfolio with urology and endocrinology call points as we remain focused on enhancing our growth with XYOSTED, NOCDURNA and the anticipated launch of TLANDO next year. Our development pipeline also includes two new potential combination products, ATRS-1901 and ATRS-1902, in endocrinology and urology. We look forward to maximizing the efficiency of our commercial organization as we strengthen our balance sheet to support our growth initiatives.”
“Our salesforce is excited to be able to prioritize their physician targeting as OTREXUP was previously maintained in the portfolio with rheumatologists, a non-core call point. This divestiture allows the Company to streamline our sales and marketing efforts that we expect will increase our growth opportunities for our proprietary portfolio with XYOSTED, NOCDURNA and TLANDO next year. We expect our enhanced focus will support the anticipated success of an expanding commercial organization as we strengthen our relationships with urologists and endocrinologists,” added Joseph Renda, Senior Vice President, Commercial of Antares Pharma.
About Antares Pharma
Antares Pharma, Inc. is a specialty pharmaceutical company focused primarily on the development and commercialization of self-administered injectable pharmaceutical products using advanced drug delivery auto injector technology. The Company has a portfolio of proprietary and partnered commercial products with several product candidates in various stages of development, as well as significant strategic alliances with industry leading pharmaceutical companies including Teva Pharmaceutical Industries, Ltd. (Teva), AMAG Pharmaceuticals (AMAG), Pfizer Inc. (Pfizer) and Idorsia Pharmaceuticals Ltd. (Idorsia). Antares Pharma’s FDA-approved products include XYOSTED ® (testosterone enanthate) injection and Sumatriptan Injection USP, which is distributed by Teva. The Company also markets NOCDURNA ® (desmopressin acetate) in the U.S. and expects to commercially launch TLANDO ® (testosterone undecanoate) in the U.S. pending final FDA approval.
About Assertio
Assertio is a leading commercial pharmaceutical company bringing differentiated products to patients. The Company has a robust portfolio of branded prescription products in three areas: neurology, hospital and pain and inflammation. Assertio has grown through business development including licensing, mergers and acquisitions. To learn more about Assertio, visit www.assertiotx.com .
EWING, N.J., Dec. 15, 2021 (GLOBE NEWSWIRE) -- Antares Pharma, Inc. (NASDAQ: ATRS) (the “Company”), a specialty pharmaceutical company, today announced the divestiture of OTREXUP ® (methotrexate) injection for the treatment of rheumatoid arthritis to a subsidiary of Assertio Holdings, Inc., a commercial pharmaceutical company, for a total cash consideration of $44.0 million inclusive of OTREXUP ® WIP and finished inventory. Under the terms of the asset purchase agreement, Antares will receive an initial payment of $18.0 million at closing plus two additional time-based payments totalling $26.0 million in 2022.
Robert F. Apple, President and Chief Executive Officer of Antares Pharma, commented, “We are pleased to be able to sell OTREXUP to a commercial pharmaceutical company that is committed to maintaining the product’s accessibility to patients and physicians. OTREXUP was the first combination product developed and commercially launched by Antares in 2014. Patients and physicians still benefit from the safety, efficacy and ease-of-use of OTREXUP for rheumatoid arthritis but as we focus on our long-term strategy, rheumatology does not represent a future growth driver. This transaction allows Antares to align our proprietary portfolio with urology and endocrinology call points as we remain focused on enhancing our growth with XYOSTED, NOCDURNA and the anticipated launch of TLANDO next year. Our development pipeline also includes two new potential combination products, ATRS-1901 and ATRS-1902, in endocrinology and urology. We look forward to maximizing the efficiency of our commercial organization as we strengthen our balance sheet to support our growth initiatives.”
“Our salesforce is excited to be able to prioritize their physician targeting as OTREXUP was previously maintained in the portfolio with rheumatologists, a non-core call point. This divestiture allows the Company to streamline our sales and marketing efforts that we expect will increase our growth opportunities for our proprietary portfolio with XYOSTED, NOCDURNA and TLANDO next year. We expect our enhanced focus will support the anticipated success of an expanding commercial organization as we strengthen our relationships with urologists and endocrinologists,” added Joseph Renda, Senior Vice President, Commercial of Antares Pharma.
About Antares Pharma
Antares Pharma, Inc. is a specialty pharmaceutical company focused primarily on the development and commercialization of self-administered injectable pharmaceutical products using advanced drug delivery auto injector technology. The Company has a portfolio of proprietary and partnered commercial products with several product candidates in various stages of development, as well as significant strategic alliances with industry leading pharmaceutical companies including Teva Pharmaceutical Industries, Ltd. (Teva), AMAG Pharmaceuticals (AMAG), Pfizer Inc. (Pfizer) and Idorsia Pharmaceuticals Ltd. (Idorsia). Antares Pharma’s FDA-approved products include XYOSTED ® (testosterone enanthate) injection and Sumatriptan Injection USP, which is distributed by Teva. The Company also markets NOCDURNA ® (desmopressin acetate) in the U.S. and expects to commercially launch TLANDO ® (testosterone undecanoate) in the U.S. pending final FDA approval.
About Assertio
Assertio is a leading commercial pharmaceutical company bringing differentiated products to patients. The Company has a robust portfolio of branded prescription products in three areas: neurology, hospital and pain and inflammation. Assertio has grown through business development including licensing, mergers and acquisitions. To learn more about Assertio, visit www.assertiotx.com .
