Hikma Pharma Agrees To Buy Certain Assets From Insys Therapeutics - Quick Facts

(RTTNews) - Hikma Pharmaceuticals PLC (HIK.L, HKMPY) Friday announced that it has signed an asset purchase agreement with Insys Therapeutics Inc. to acquire a complementary manufacturing platform and two pipeline products.

Hikma has agreed to acquire unit-dose nasal and sublingual spray manufacturing equipment, as well as two pipeline products, naloxone 505(b)2 nasal spray and epinephrine 505(b)2 nasal spray.

The deal is part of Insys' filing of petitions seeking relief under Chapter 11 of the US Bankruptcy Code in June. As part of this process, Insys initiated a court-supervised process to sell its assets. The process has now concluded with respect to certain assets.

Naloxone is a medication used to block or reverse the effect of opioids. Narcan is the only nasal form of naloxone on the market, and its US sales were approximately $164 million in the 12 months ended June 2019.

Epinephrine is a medication used to treat a number of conditions, including anaphylaxis, cardiac arrest, and superficial bleeding. The US sales of epinephrine auto-injectors were approximately $4.3 billion in the year ended June. There are no currently approved nasal forms of epinephrine in the US.

In London, Hikma shares were trading at 1,965 pence, up 6.74 percent.