Opiant inventory surges 123% as Indivior set to accumulate overdose remedy maker for $145M

Indivior (OTCPK:INVVY) (OTCPK:IZQVF) is buying opioid overdose remedy maker Opiant Prescribed drugs (NASDAQ:OPNT) for ~$145M.

North Chesterfield, Va.-based Indivior will purchase all excellent shares of Opiant for an upfront $20 per share in money, plus as much as $8 per share in contingent worth rights (CVRs) that might develop into payable within the occasion that sure web income milestones are achieved by Opiant’s lead asset OPNT003, throughout a related seven-year interval.

Indivior expects to fund the overall upfront consideration of ~$145M with present money.

Santa Monica, Calif.-based Opiant develops remedies for dependancy and drug overdose utilizing intranasal and injectable supply applied sciences. Opiant contributed to the event of the formulation of Narcan Nasal Spray, a remedy to reverse opioid overdose, Indivior mentioned in a press launch on Monday.

OPNT003 is an intranasal nalmefene opioid overdose reversal remedy for which Opiant is predicted to filed a brand new drug utility with the FDA within the This fall 2022. Opiant’s different candidates embrace OPNT002, a nasal naltrexone product concentrating on Alcohol Use Dysfunction.

Indivior mentioned the transaction OPNT003 is very complementary to its personal remedy Sublocade, which is used to deal with average to extreme opioid use dysfunction.

The Opiant’ board members, holding ~4.5% of the corporate’s shares, have agreed to vote their shares in favor of the transaction.

The deal is predicted to shut in Q1 2023 and is topic to circumstances, together with U.S. antitrust clearance, clearance by the Committee on International Funding within the U.S. and approval of Opiant’s stockholders.

OPNT +123.40% to $21 premarket Nov. 14