Benzinga -
- Indivior PLC (OTC: INVVY) has agreed to acquire Opiant Pharmaceuticals Inc (NASDAQ: OPNT) for $20.00 per share in cash, plus contingent value rights (CVRs) of up to $8.00 per share.
- Achievement of the CVR payments, if any, is based on attaining certain revenue thresholds for OPNT003, nasal nalmefene, and Opiant's investigational treatment for opioid overdose.
- Completion of rolling New Drug Application (NDA) submission for OPNT003 is on track for Q4 2022.
- The upfront payment of $20.00 per share represents a premium of approximately 111% to Opiant's closing share price on November 11.
- Inclusive of each CVR payment, the total potential transaction value represents a premium of up to 195%.
- Pending approvals, the parties anticipate completing the transaction in the first quarter of 2023.
- Opiant entered a settlement with Emergent Biosolutions Inc (NYSE: EBS), resolving a legal dispute over its royalty obligations to Opiant for NARCAN Nasal Spray.
- Under the settlement, EBS will make a one-time cash payment of $25 million to Opiant to terminate its license agreement with Opiant.
- Related: Opiant Pharma Secures Additional BARDA Funding For Opioid Overdose Treatment.
- For Q3, Opiant recorded $0.2 million of revenue, compared to $16.3 million a year ago, primarily from a contract with the Biomedical Advanced Research and Development Authority. Opiant recorded no royalty revenue from its license agreement with EBS.
- Opiant had approximately $35.4 million in cash and cash equivalents as of September 30.
- Price Action: OPNT shares are up 116.80% at $20.60 during the premarket session on the last check Monday.
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