Virginia-based Indivior announced that it will acquire Narcan-developer Opiant Pharmaceuticals in a $145 million deal.
Per the agreement, Indivior will pay roughly $20 per share in cash upfront and possibly up to $8 per share in revenue milestones for all outstanding shares.
The purchase positions Indivior as a leader in addiction treatment, as the drugmaker targets the addiction market in the U.S, Indivior’s CEO Mark Crossley said.
The deal gives Indivior access to Opiant’s pipeline, which notable includes opioid overdose reversal agent OPNT003, which is used for synthetic opioids such as fentanyl. OPNT003 was granted FDA Fast Track Designation in November of last year. The NDA is already in progress with a targeted submission of next year.
The deal was approved by both boards but has yet to secure a green light from shareholders, as well as U.S. antitrust officials.
