Antares Pharma, Inc. 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 andis 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
Vice President, Corporate Affairs of Antares