Business
Assertio Holdings, Inc. Announces the Acquisition of Otrexup® (methotrexate) a Drug Device Combination from Antares Pharma, Inc.
Trailing 12 Month Reported Revenues of Otrexup Were $15.5 Million Assertio will Pay Antares $18.0 Million Upfront and an Additional $26.0 Million in Deferred
About this update from Assertio Holdings, Inc.
[{"type":"text","content":" Trailing 12 Month Reported Revenues of Otrexup Were $15.5 Million Assertio will Pay Antares $18.0 Million Upfront and an Additional $26.0 Million in Deferred Payments Raises Full Year Net Product Sales and Non-GAAP Adjusted EBITDA Guidance LAKE FOREST, Ill., Dec. 15, 2021 (GLOBE NEWSWIRE) -- Assertio Holdings, Inc., (“Assertio” or “the Company”) (Nasdaq: ASRT), a leading commercial pharmaceutical company bringing differentiated products to patients, today announced it has acquired Otrexup (methotrexate), a drug device combination single dose once weekly auto-injector, from Antares Pharma, Inc. (“Antares”) in the Company’s first new product acquisition since 2015. The acquisition was made through a subsidiary of the Company. “The acquisition of Otrexup is a strategic and synergistic fit with our unique digital platform and a growth driver for Assertio for years to come,” said Dan Peisert, President and Chief Executive Officer of Assertio. “With nearly ten years of patent life remaining, we intend to invest in the further commercialization of Otrexup and see potential by leveraging our platform and expertise for growth. This acquisition represents yet another milestone in our transformation, will be accretive to adjusted EBITDA in 2022, and is the first step towards our goal of acquiring new products to deliver at least $50 million in gross profit by 2024.” Under the terms of the definitive agreements, Assertio acquired Otrexup from Antares in a partially seller financed transaction for a total purchase price of $44.0 million inclusive of working capital investments. Payment terms are as follows: $18.0 million in cash on December 15, 2021$16.0 million in cash on May 31, 2022$10.0 million in cash on December 15, 2022 Updated 2021 Financial Guidance: Due to strong sales of its existing portfolio of products, the Company announces it has further raised its full-year net product sales and non-GAAP adjusted EBITDA guidance: 11/4/21 Guidance Updated GuidanceNet Product Sales (GAAP)Greater than $103.0 MillionGreater Than $108.0 MillionAdjusted EBITDA (Non-GAAP) (1)Greater than $43.0 MillionGreater Than $48.0 Million (1) See “Non-GAAP Financial Measures” below for additional information. About Otrexup Trade NameOtrexup (methotrexate) injection for subcutaneous useDeviceVIBEX® auto-injectorLast to Expire Orange Book Listed PatentMay 2031T...