Indivior (OTCPK:INVVY) (OTCPK:IZQVF) is acquiring opioid overdose therapy maker Opiant Pharmaceuticals (NASDAQ:OPNT) for ~$145M.
North Chesterfield, Va.-based Indivior will acquire all outstanding shares of Opiant for an upfront $20 per share in cash, plus up to $8 per share in contingent value rights (CVRs) that may become payable in the event that certain net revenue milestones are achieved by Opiant’s lead asset OPNT003, during a relevant seven-year period.
Indivior expects to fund the total upfront consideration of ~$145M with existing cash.
Santa Monica, Calif.-based Opiant develops treatments for addiction and drug overdose using intranasal and injectable delivery technologies. Opiant contributed to the development of the formulation of Narcan Nasal Spray, a treatment to reverse opioid overdose, Indivior said in a press release on Monday.
OPNT003 is an intranasal nalmefene opioid overdose reversal therapy for which Opiant is expected to filed a new drug application with the FDA in the Q4 2022. Opiant’s other candidates include OPNT002, a nasal naltrexone product targeting Alcohol Use Disorder.
Indivior said the transaction OPNT003 is highly complementary to its own therapy Sublocade, which is used to treat moderate to severe opioid use disorder.
The Opiant’ board members, holding ~4.5% of the company’s shares, have agreed to vote their shares in favor of the transaction.
The deal is expected to close in Q1 2023 and is subject to conditions, including U.S. antitrust clearance, clearance by the Committee on Foreign Investment in the U.S. and approval of Opiant’s stockholders.
OPNT +123.40% to $21 premarket Nov. 14