Antares Pharma Announces Sale of ZOMAJET™ Needle-Free Delivery System to Ferring Pharmaceuticals
October 10 2017 - 7:00AM
Antares Pharma, Inc. (NASDAQ:ATRS) (“Antares” or “the Company”)
today announced that it has entered into a definitive asset
purchase agreement to sell the worldwide rights, including certain
fixed assets, for the ZOMAJET™ needle-free auto injector device to
Ferring Pharmaceuticals (“Ferring”) for up to $14.5 million.
The purchase price will be paid in four instalments consisting of a
$2.0 million upfront payment, a second instalment of $2.75 million
payable upon satisfaction of certain conditions, a third instalment
of $4.75 million payable upon satisfaction of customary closing
conditions and the remaining payment of $5.0 million upon the
completion of the transaction. To date, Antares has been the
worldwide supplier of ZOMAJET™ devices to its partners Ferring and
JCR Pharmaceutical Company Ltd. and will continue to manufacture
and supply the devices until the completion date pursuant to
existing supply arrangements. During the completion period,
Antares will continue to receive payment for ZOMAJET™ devices
manufactured and supplied to its partners and a royalty on net
product sales in accordance with the existing license and supply
agreements. The transaction is subject to certain
customary closing conditions and expected to be completed by the
end of 2018.
“Today’s announcement represents another
milestone in executing on our long-term strategic plan. We
are very pleased that Ferring has purchased the ZOMAJET business in
order to consolidate the ZOMACTON franchise,” said Robert F. Apple,
President and Chief Executive Officer of Antares. “The sale
of a non-core legacy asset which represented approximately $5.5
million annual revenue in the past three years, will allow Antares
to better focus its resources on several key strategic objectives
which we believe may increase shareholder value. The
transaction with Ferring generates additional non-dilutive cash
which Antares intends to use to invest in our pipeline in addition
to supporting the potential launch of our next proprietary product,
XYOSTED. The XYOSTED New Drug Application is currently under
active review at the U.S. Food and Drug Administration (FDA) and we
are working closely with the FDA toward a potential approval in
October.”
About Antares Pharma
Antares Pharma focuses on self-administered
parenteral pharmaceutical products. The Company’s product, OTREXUP®
(methotrexate) injection for subcutaneous use, is approved in the
U.S. for the treatment of adults with severe active rheumatoid
arthritis, children with active polyarticular juvenile idiopathic
arthritis and adults with severe recalcitrant psoriasis. The
Company’s product Sumatriptan Injection USP, is approved in the
U.S. for the acute treatment of migraine and cluster headache and
is distributed by Teva Pharmaceutical Industries, Ltd. (Teva).
Antares Pharma is also developing XYOSTED™ for testosterone
replacement therapy and has filed a New Drug Application with the
U.S. Food and Drug Administration. The Company's technology
platforms include VIBEX® disposable auto injectors and disposable
multi-use pen injectors. Antares Pharma has license, development
and supply agreements with Teva that include VIBEX® epinephrine,
exenatide multi-dose pen, and teriparatide multi-dose pen. The
Company is also working with AMAG Pharmaceuticals on a subcutaneous
method for administering Makena, a progesterone product indicated
for use in lowering the risk of pre-term birth. For more
information, visit www.antarespharma.com.
About Ferring
Pharmaceuticals
Headquartered in Saint-Prex, Switzerland,
Ferring Pharmaceuticals is a research-driven, specialty
biopharmaceutical group active in global markets. A leader in
reproductive and maternal health, Ferring has been developing
treatments for mothers and babies for over 50 years. Today, over
one third of the company’s research and development investment goes
towards finding innovative treatments to help mothers and babies,
from conception to birth. The company also identifies, develops and
markets innovative products in the areas of urology,
gastroenterology, endocrinology and orthopaedics. Ferring has its
own operating subsidiaries in nearly 60 countries and markets its
products in 110 countries. For further information on Ferring or
its products, visit www.ferring.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are subject to certain risks
and uncertainties that can cause actual results to differ
materially from those described. Factors that may cause such
differences include, but are not limited to: successful completion
of the transaction with Ferring International Center, S.A. and
satisfaction of the various conditions in the Ferring asset
purchase agreement and payment of the full purchase price; U.S.
Food and Drug Administration (“FDA”) approval of the XYOSTED™ NDA
and future market acceptance and revenue for XYOSTED™; FDA approval
of the sNDA submitted by AMAG Pharmaceuticals for an auto injector
for Makena and future market acceptance and revenue of the same;
the outcome of the pending patent litigation between Teva
Pharmaceutical Industries, Ltd. (Teva) and Eli Lilly and the
Company regarding the Teriparatide multi-dose pen; FDA action with
respect to Teva’s Abbreviated New Drug Application (“ANDA”) for the
Teriparatide multi-dose pen and the timing and approval, if any, by
the FDA of the same; Teva’s expectations about timing and approval
of the VIBEX® epinephrine pen ANDA by the FDA and potential product
launch of the same, the therapeutic equivalence rating thereof, and
any future revenue from the same; Teva’s ability to successfully
commercialize VIBEX® Sumatriptan Injection USP and the amount of
revenue from the same; FDA action with respect to Teva’s ANDA filed
for the Exenatide pen and future revenue from the same; continued
growth of prescriptions and sales of OTREXUP®; the timing and
results of research projects, clinical trials, and product
candidates in development; actions by the FDA or other regulatory
agencies with the respect to the Company’s products or product
candidates of its partners; continued growth in product,
development, licensing and royalty revenue; the Company’s ability
to obtain financial and other resources for its research,
development, clinical, and commercial activities and other
statements regarding matters that are not historical facts, and
involve predictions. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results, performance, achievements or prospects to be materially
different from any future results, performance, achievements or
prospects expressed in or implied by such forward-looking
statements. In some cases you can identify forward-looking
statements by terminology such as ''may'', ''will'', ''should'',
''would'', ''expect'', ''intend'', ''plan'', ''anticipate'',
''believe'', ''estimate'', ''predict'', ''potential'', ''seem'',
''seek'', ''future'', ''continue'', or ''appear'' or the negative
of these terms or similar expressions, although not all
forward-looking statements contain these identifying words.
Additional information concerning these and other factors that may
cause actual results to differ materially from those anticipated in
the forward-looking statements is contained in the "Risk Factors"
section of the Company's Annual Report on Form 10-K for the year
ended December 31, 2016, and in the Company's other periodic
reports and filings with the Securities and Exchange
Commission. The Company cautions investors not to place undue
reliance on the forward-looking statements contained in this press
release. All forward-looking statements are based on information
currently available to the Company on the date hereof, and the
Company undertakes no obligation to revise or update these
forward-looking statements to reflect events or circumstances after
the date of this press release, except as required by
law.
Contact:
Jack HowarthVice President, Corporate Affairs of
Antares609-359-3016jhowarth@antarespharma.com
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