San Diego-based Adamis Pharmaceuticals, which makes an allergy syringe, has signed over commercial rights to a division of Novartis.
Adamis’ stock was trading at $4.60 a share the morning of July 2 after closing at $3.20 the prior session.
The company’s epinephrine-filled syringe, called symjepi, treats emergency allergic reactions, including anaphylaxis. It was approved by the U.S. Food and Drug Administration a year ago.
Under the commercialization deal, Adamis will receive an undisclosed upfront fee and performance-based milestone payments from Sandoz, part of Novartis. The companies will share net profits equally.
Adamis will retain the ability to commercialize two versions of symjepi outside of the U.S., but has granted Sandoz the first right of negotiation for these areas.
Adamis may also continue to develop its symject platform for additional product candidates.
“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,” Dennis J. Carlo, president and CEO of Adamis, said in a news release.