Business
Assertio Holdings, Inc. Signs Exclusive License for Sympazan® (clobazam) Oral Film from Aquestive Therapeutics, Inc.
Trailing 12 Month Revenues of Sympazan Were $9.5 MillionAssertio Paid $9.0 Million Upfront, Additional $6.0 Million upon Patent Allowance LAKE FOREST, Ill.,
About this update from Assertio Holdings, Inc.
[{"type":"text","content":"Trailing 12 Month Revenues of Sympazan Were $9.5 MillionAssertio Paid $9.0 Million Upfront, Additional $6.0 Million upon Patent Allowance LAKE FOREST, Ill., Oct. 27, 2022 (GLOBE NEWSWIRE) -- Assertio Holdings, Inc. (“Assertio” or the “Company”) (Nasdaq: ASRT), a specialty pharmaceutical company offering differentiated products to patients, today announced a transaction to acquire an exclusive license for Sympazan® (clobazam) oral film from Aquestive Therapeutics, Inc. (“Aquestive”) (Nasdaq: AQST), a pharmaceutical company advancing current standards of care to solve patients’ problems through simplifying complex delivery methods. The transaction was made through a subsidiary of the Company. “Sympazan fits perfectly with our non-personal digital platform and growth plans, further diversifies our portfolio and brings with it opportunities to significantly extend patent life,” said Dan Peisert, President and Chief Executive Officer of Assertio. “Sympazan can offer benefits to its prescribed population, such as dosing through its oral film technology. For many LGS patients, severely restricted carbohydrate diets, such as keto, are an important treatment approach. Unlike other forms of clobazam, Sympazan has very low carbohydrate content, which aligns to this important treatment recommendation.” Under the terms of the definitive agreement, Assertio acquired an exclusive license for the Sympazan intellectual property from Aquestive for an upfront payment of $9.0 million. Assertio also entered into a long-term supply agreement with Aquestive for Sympazan. Additionally, Aquestive will continue to prosecute an existing patent application that could extend patent coverage to as late as 2039. Upon patent allowance, which Assertio believes will occur in 2023, Assertio will pay a $6.0 million milestone payment and royalties to Aquestive. The Company will provide the expected contribution from Sympazan and an update on its 2022 Guidance on its quarterly earnings call in early November. On a full year basis, Assertio expects that Sympazan will add $4.0 - $4.5 million in adjusted EBITDA and $0.05 in adjusted EPS on a fully diluted basis. “We’re making significant progress towards our business development goals through the completion of both the Otrexup and now Sympazan acquisitions in the last 11 months,” said Peisert. “We believe Sympazan can ...