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LONDON, UK / ACCESSWIRE / October 12, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Antares Pharma, Inc. (NASDAQ: ATRS), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=ATRS. The Company announced on October 10, 2017, that it has entered into a definitive asset purchase agreement to sell the worldwide rights, including certain fixed assets, for the ZOMAJET™ needle-free auto-injector device to Saint-Prex, Switzerland headquartered Ferring Pharmaceutical for up to $14.5 million. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Antares Pharma stated that as per terms of the agreement, Ferring Pharma will pay the purchase price in four installments consisting of a $2.0 million upfront payment, a second installment of $2.75 million payable, subject to satisfaction of certain conditions, a third installment of $4.75 million payable upon satisfaction of customary closing conditions and the final payment of $5.0 million would be made upon the completion of the transaction.
Until the date of this announcement, Antares has been the worldwide supplier of ZOMAJET™ devices to its partners Ferring Pharma and JCR Pharmaceutical Company Ltd, and it will continue to manufacture and supply the devices until the completion date pursuant to existing supply arrangements. During the completion period, Antares Pharma will continue to receive payment for ZOMAJET™ devices manufactured and supplied to its partners and a royalty on net product sales in accordance with the existing license and supply agreements. The transaction is subject to certain customary closing conditions and expected to be completed by the end of 2018.
Reason for Sale
Antares Pharma stated that the sale of a non-core legacy asset which represented approximately $5.5 million annual revenue in the past three years, will allow the Company to better focus its resources on several key strategic objectives which it believes have potential to increase shareholder value.
The transaction with Ferring Pharma will generate additional non-dilutive cash which the Company intends to use to invest in its pipeline in addition to supporting the potential launch of Antares' next proprietary product, XYOSTED, for testosterone replacement therapy. XYOSTED's New Drug Application is currently under active review at the US Food and Drug Administration (FDA) and the Company is working closely with the FDA toward a potential approval in October.
About Antares Pharma, Inc.
Antares Pharma focuses on self-administered parenteral pharmaceutical products. The Company's product, OTREXUP® (methotrexate) injection for subcutaneous use, is approved in the US for the treatment of adults with severe active rheumatoid arthritis, children with active polyarticular juvenile idiopathic arthritis, and adults with severe recalcitrant psoriasis. The Company's product Sumatriptan Injection USP is approved in the US for the acute treatment of a migraine and cluster headache and is distributed by Teva Pharmaceutical Industries, Ltd (Teva). Antares Pharma's technology platforms include VIBEX® disposable auto-injectors and disposable multi-use pen injectors. Antares Pharma has license, development, and supply agreements with Teva that include VIBEX® epinephrine, exenatide multi-dose pen, and teriparatide multi-dose pen. The Company is also working with AMAG Pharmaceuticals on a subcutaneous method for administering Makena, a progesterone product indicated for use in lowering the risk of pre-term birth.
About Ferring Pharmaceuticals
Ferring Pharma is a research-driven, specialty biopharmaceutical group active in global markets. Ferring has been developing treatments for mothers and babies for over 50 years, with over one third of the Company's research and development investment going towards finding innovative treatments to help mothers and babies from conception to birth. Ferring Pharma also identifies, develops, and markets innovative products in the areas of urology, gastroenterology, endocrinology, and orthopedics. The Company has its own operating subsidiaries in nearly 60 countries and markets its products in 110 countries.
Last Close Stock Review
Antares Pharma's share price finished yesterday's trading session at $3.94, marginally down 0.51%. A total volume of 2.33 million shares have exchanged hands, which was higher than the 3-month average volume of 1.38 million shares. The Company's stock price skyrocketed 20.49% in the last three months, 40.21% in the past six months, and 121.35% in the previous twelve months. Additionally, the stock soared 69.10% since the start of the year. The stock currently has a market cap of $630.91 million.
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SOURCE: Pro-Trader Daily