London, 9 August 2019 – Hikma Pharmaceuticals PLC (Hikma, Group) (LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY) (rated Ba1/stable Moody’s and BB+/positive S&P), the multinational pharmaceutical company, today announces that it has signed an asset purchase agreement with Insys Therapeutics Inc. (Insys) to acquire a complementary manufacturing platform and two pipeline products.
In June 2019, Insys filed petitions seeking relief under Chapter 11 of the US Bankruptcy Code. As part of this process, Insys initiated a court-supervised process to sell its assets. This process has now concluded with respect to certain assets, and 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.
Brian Hoffmann, President of Generics, stated, “Hikma is the largest supplier of generic nasal sprays in the US and we have been looking for ways to build upon our strong manufacturing platform and expand our product portfolio. This acquisition adds unit-dose nasal spray manufacturing equipment, as well as two complex products to our pipeline. This new technology expands our existing nasal spray capabilities, creating a comprehensive platform, which we can leverage for both internal and partnership programmes.”
Naloxone is a medication used to block or reverse the effect of opioids. Narcan® is the only nasal form of naloxone on the market. According to IQVIA, US sales of Narcan® were approximately $164 million in the 12 months ending June 2019.
Epinephrine is a medication used to treat a number of conditions, including anaphylaxis, cardiac arrest, and superficial bleeding. According to IQVIA, US sales of epinephrine auto-injectors were approximately $4.3 billion in the 12 months ending June 2019. There are no currently approved nasal forms of epinephrine in the US.