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EWING, NJ, December 15, 2021 (GLOBE NEWSWIRE) – Antares Pharma, Inc. (NASDAQ: ATRS) (the “Companyâ€), a specialty pharmaceutical company, today announced the divestiture of OTREXUP® (methotrexate) injection for the treatment of rheumatoid arthritis at a subsidiary of Assertio Holdings, Inc., a commercial pharmaceutical company, for a total cash consideration of $ 44.0 million, including OTREXUP® WIP and finished inventory. Under the asset purchase agreement, Antares will receive an upfront payment of $ 18.0 million at closing, plus two additional time-based payments totaling $ 26.0 million in 2022.
Robert F. Apple, President and CEO of Antares Pharma, said, “We are delighted 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 continue to benefit from the safety, efficacy and ease of use of OTREXUP for rheumatoid arthritis, but like us we are focusing on our long term strategy, rheumatology does represent a future engine of growth. This transaction allows Antares to align our exclusive portfolio with urology and endocrinology call points as we remain focused on enhancing our growth with XYOSTED, NOCDURNA and the planned launch of TLANDO next year. Our development pipeline also includes two potential new combination products, ATRS-1901 and ATRS-1902, in endocrinology and urology. We look forward to maximizing the efficiency of our sales organization as we strengthen our balance sheet to support our growth initiatives. “
“Our sales force is delighted to be able to prioritize its targeting of physicians, as OTREXUP was previously maintained in the portfolio with rheumatologists, a non-essential point of call. This divestiture allows the Company to streamline our sales and marketing efforts which we believe will increase our growth opportunities for our exclusive portfolio with XYOSTED, NOCDURNA and TLANDO next year. We expect our increased focus to support the expected success of an expanding business organization as we strengthen our relationships with urologists and endocrinologists, â€added Joseph Renda, Senior Vice President, Commercial, Antares Pharma.
About Antarès Pharma
Antares Pharma, Inc. is a specialty pharmaceutical company primarily focused on the development and commercialization of self-administered injectable pharmaceutical products using advanced automatic drug injection technology. The Company has a portfolio of proprietary and partnered commercial products with several product candidates at various stages of development, as well as significant strategic alliances with leading pharmaceutical companies, including Teva Pharmaceutical Industries, Ltd. (Teva), AMAG Pharmaceuticals (AMAG), Pfizer Inc. (Pfizer) and Idorsia Pharmaceuticals Ltd. (Idorsia). Antares Pharma FDA Approved Products Include XYOSTED® (testosterone enanthate) and Sumatriptan Injection USP, which is distributed by Teva. The Company also markets NOCDURNA® (desmopressin acetate) in the United States and plans to launch TLANDO commercially® (testosterone undecanoate) in the United States pending final FDA approval.
About Assertio
Assertio is a leading commercial pharmaceutical company providing differentiated products to patients. The Company has a strong 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.
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 which may cause actual results to differ materially from those described. Factors that could cause such differences include, but are not limited to: the ability of the subsidiary of Assertio Holdings, Inc. to make all payments required under the agreements; the Company’s ability to meet updated revenue forecasts for fiscal year 2021; uncertainty regarding the ongoing COVID-19 pandemic, including new strains of the virus, and the mitigation measures and other restrictions implemented in response to it and the impact on demand for our products, new patients and prescriptions, future revenues, product supply, clinical trials and our overall business, results of operations and financial condition; commercial success of XYOSTÉ® and future income from it; market acceptance and future revenues of Teva’s generic epinephrine auto-injector product; successful commercialization of NOCDURNA® in the United States and market acceptance and future earnings therefrom; uncertainties regarding future FDA approval of TLANDO®, market acceptance and future income from it, if Antares will exercise the option for LPCN 1111 (TLANDO XR) and if exercised, the future timeline and success of the clinical development program for TLANDO XR and future FDA approval, market acceptance and revenues; whether the FDA will withdraw the marketing authorization for Makena from AMAG Pharmaceuticals® subcutaneous auto-injector following FDA letter requesting withdrawal, outcome of FDA hearing and whether Makena® will be successful and future prescriptions, market acceptance and resulting revenues; Teva’s ability to successfully commercialize VIBEX® Sumatriptan Injection USP and the amount of income therefrom; Teva’s ability to successfully commercialize generic teriparatide in Europe, Canada and Israel and future revenues from this same development, successful development including timing and results of the Phase 3 trial of the combination device product drug for selatogrel with Idorsia Pharmaceuticals and the FDA and global regulatory approvals and future revenues thereof; the schedule and results of the ATRS-1902 Adrenal Crisis Rescue Autoinjector clinical development program, future NDA submission and FDA approval thereof, and if approved, future market acceptance and corresponding revenues; FDA approval of Teva’s ANDAs for the two Forteo generics® and Byetta® and future income from it; the timing and results of the Company’s or its partners’ research projects or clinical trials of product candidates in development, including urology assets in development as well as Pfizer’s undisclosed development product; actions by the FDA or other regulatory agencies regarding the Company’s products or the product candidates of its partners; continued growth in product, development, licensing and royalty revenues; the Company’s ability to repay indebtedness to Wells Fargo; the Company’s ability to obtain financial and other resources for its research, development, clinical and commercial activities and other statements regarding matters which 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 differ materially from future results, performances, achievements or prospects expressed or implied by such statements. forward-looking statements. In some cases, you can identify forward-looking statements by words such as “‘”, “? ” plan ”, ” anticipate ”, ” believe ”, ” estimate ”, ” predict ”, ” potential ”, ” seems ”, ” seek ”, ” future ”, ” continue ”, or ” appear ” or the negative of these similar terms or expressions, although not all forward-looking statements contain these identifying words. Additional information regarding these and other factors that could cause actual results to differ materially from those anticipated in forward-looking statements is contained in the “Risk Factors†section of the Company’s annual report on Form 10-K, and in the Company’s other periodical publications. reports and documents filed with the Securities and Exchange Commission. The Company cautions investors not to place undue reliance on any forward-looking statements contained in this press release. All forward-looking statements are based on information currently available to the Company as of the date hereof, and the Company does not undertake to revise or update these forward-looking statements to reflect events or circumstances after the date of this release. release, unless required by law.
Contact:
Tram
Vice-President, Corporate Communications and Investor Relations
609-359-3016
tbui@antarespharma.com
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