Jazz Pharmaceuticals plc (Nasdaq: JAZZ) today announced a definitive agreement to sell its rights related to Prialt® (ziconotide) intrathecal infusion to TerSera Therapeutics LLC (TerSera) for $80 million in cash at closing. The transaction is expected to close in the third quarter of 2018 and is subject to the satisfaction of customary closing conditions. As part of the transaction, TerSera will offer employment positions to a majority of the Jazz employees dedicated to Prialt.
Prialt is the only FDA approved, non-opioid agent indicated for the management of severe chronic pain in adult patients for whom intrathecal therapy is warranted. Jazz recorded $27 million in net product sales for Prialt in 2017.
“This transaction allows us to focus resources on our core therapeutic areas of sleep medicine and hematology/oncology,” said Daniel Swisher, President and Chief Operating Officer of Jazz Pharmaceuticals. “Given TerSera’s strong track record and focus on the business, we’re confident they will continue to educate medical professionals about and ensure full access to this important medicine for patients.”
“We are excited about acquiring Prialt and welcoming a team of seasoned professionals to support the future growth of this product as we continue to serve patients who can benefit from this therapy,” said Ed Fiorentino, Chairman and Chief Executive Officer of TerSera. “It is vitally important to ensure non-opioid alternatives are available for patients for the management of their severe chronic pain.”
Jazz Pharmaceuticals’ financial advisor for the transaction is MTS Health Partners, L.P.
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