UK drug group Indivior PLC (LSE:INDV) is acquiring a company developing treatments combatting addiction and overdose for up to US$203mln.
It will put down an initial US$20 a share or US$145mln for Nasdaq-listed Opiant Pharmaceuticals Inc plus a further US$8 a share contingent on the business's future performance.
Key to Opiant’s prospects is OPNT003, an overdose reversal agent, which is at the start of its clinical journey but has been given fast-track status by the American regulator.
"Opiant's portfolio of product candidates is an excellent strategic fit that diversifies and strengthens our offerings, while Indivior's strong commercial capabilities are expected to propel a combined product pipeline with the potential to help patients along a continuum from substance use disorder and rescue to recovery,” said Indivior chief executive Mark Crossley.
“The combination with Opiant will provide Indivior with one of the most comprehensive and relevant treatment platforms to address the ongoing US opioid and overdose epidemic and extends our leadership position in addiction treatments.”