Regaining US Adasuve rights, new opportunity?
Alexza (O:ALXA) and Teva (N:TEVA) have reached an agreement whereby Alexza will reacquire the US commercial rights for Adasuve, with a projected target completion date of 1 January 2016. US sales since the March 2014 launch have been tepid (Teva-derived product revenue to Alexza was under $3m) and recent developments at Teva (ie Actavis (N:AGN) acquisition) may have deprioritized Adasuve’s position within the firm. While Teva’s Adasuve relinquishment may reflect a reduced long-term sales outlook, the process may actually help facilitate Alexza’s ongoing strategic review. An outright sale or royalty agreement for Alexza’s entire interest in Adasuve may be more straightforward once US rights are regained.
In September 2015, Alexza retained an investment bank to examine strategic options (including asset sales or a business combination) to enhance shareholder value and lower the cost of capital for advancing pipeline projects including AZ-007 (Staccato zaleplon). Alexza also secured a $5m loan from EU partner Ferrer to maintain sufficient liquidity to complete the review and secure a deal.
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