Adamis Pharmaceuticals (ADMP) announced last night that it has entered into an exclusive distribution and commercialization agreement with Sandoz, a division of Novartis (NVS), to commercialize Symjepi or the emergency treatment of allergic reactions including anaphylaxis. Symjepi is epinephrine and competes against Mylan’s (MYL) EpiPen.
Under the terms of the agreement, Sandoz will obtain the United States commercial rights to Symjepi in exchange for an upfront fee and potential performance-based milestones payments. Additionally, Adamis and Sandoz will equally share net profits, as defined in the agreement, generated from sales of Symjepi in the U.S. As part of the agreement, Sandoz will have commercial rights to the FDA-approved Symjepi Injection 0.3mg product, as well as the Symjepi Injection 0.15mg product if approved by the FDA. Under the agreement, Adamis will retain the right to commercialize both products in territories outside of the U.S. but has granted Sandoz the first right of negotiation for such territories. Adamis may also continue to develop the Symject injection platform for additional product candidates including the previously announced naloxone product candidate being developed to treat opioid overdose.
Dr. Dennis J. Carlo, President, and CEO of Adamis stated, “We are very excited about our collaboration with Sandoz. They are among the top pharmaceutical companies in the world and we believe they have the commercial presence and proven track record to maximize the value of Symjepi. We believe the financial terms of this agreement have the potential to bring meaningful recurring revenue to Adamis and we look forward to growing, and possibly expanding, this partnership with Sandoz based on the future success of Symjepi in the market.”
