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Scilex Holding Company Announces that its Board of Directors has Authorized Management to Explore Ways to Maximize the Value of its Wholly Owned Subsidiary, Scilex Pharmaceuticals Inc., including by way of conducting a spinoff or public listing of sec...
Scilex Holding Company Announces that its Board of Directors has Authorized Management to Explore Ways to Maximize the Value of its Wholly Owned Subsidiary,
About this update from Scilex Holding Company
[{"type":"text","content":"Scilex Holding Company Announces that its Board of Directors has Authorized Management to Explore Ways to Maximize the Value of its Wholly Owned Subsidiary, Scilex Pharmaceuticals Inc., including by way of conducting a spinoff or public listing of securities of Scilex Pharmaceuticals Inc. Scilex Pharmaceuticals Commercial Products Include Three Non-Opioid Approved Products and Pipeline of Phase 3 Ready SP-103 With Greater Than a $1.0 Billion Revenue Potential \n Scilex Holding Company seeks to maximize the value of its stockholders, including by way of conducting a spinoff or public listing of securities of Scilex Pharmaceuticals (“Scilex Pharma”) in markets and on securities exchanges in or outside of the U.S., including Hong Kong.Scilex Holding Company management believes the potential value of Scilex Pharma may exceed the current valuation of its parent company, Scilex Holding Company, and that a potential spinoff or public listing of Scilex Pharma would serve to unlock the potential value of Scilex Pharma and its parent, Scilex Holding Company. Also a potential strategic transaction and/or dividend of Scilex Pharma common stock to Scilex Holding Company stockholders.Scilex Pharma has three FDA-approved commercial products in the market and 3X version follow-on product, SP-103, for the next generation of ZTlido®: ZTlido® (lidocaine topical system) 1.8%, a prescription lidocaine topical product for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain with an average of 50% growth in gross sales for the past two years, estimated to exceed $180 million gross sales in 2024.ZTlido® is expected to be distributed outside of the U.S. in 2025 with exclusive territory distributors in the Middle East and North/South Africa countries with a $105 million minimum 5 year purchase commitment.ELYXYB® is a first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults.1 The U.S. oral migraine drug market size was estimated to be $1.8 billion in 2022.2ELYXYB® filed a New Drug Submission (NDS) to Health Canada’s Pharmaceutical Drugs Directorate, Bureau of Cardiology, Allergy and Neurological Sciences for the approval of for acute treatment of migraine with or without aura in Canada. The anticipated timeli...