Specialty biopharmaceutical firm Emergent BioSolutions has signed an agreement to acquire Adapt Pharma in a deal valued at around $735m.
Adapt Pharma is a privately-held company committed to expanding affordable access to Narcan (naloxone HCI) nasal spray and to progressing treatment options in the field of addiction.
The company’s headquarters is in Dublin, Ireland with US headquarters in Radnor, Pennsylvania.
The Narcan spray is said to be the first and only needle-free formulation of naloxone approved by the US Food and Drug Administration (FDA) and Health Canada.
It is used as an emergency treatment for known or suspected opioid overdose as manifested by respiratory and/or central nervous system depression.
The nasal spray, which does not require assembly or any specialized medical training, is also the highest concentrated dose of intranasal naloxone currently available in the market.
Emergent BioSolutions CEO Daniel Abdun-Nabi said: “The acquisition of Adapt Pharma, and with it the NARCAN Nasal Spray, the leading community use emergency treatment for opioid overdose, is directly in line with our mission – to protect and enhance life.”
Under the deal, Adapt Pharma will secure an upfront payment of $635m, as well as up to $100m in cash for potential sales-based milestones through 2022.
The upfront payment of $635m includes $575m in cash and $60m in Emergent common stock.
Subject to customary closing conditions, the deal is expected to complete in the fourth quarter of this year.
Once the deal concludes, Emergent will acquire Narcan nasal spray product and development pipeline of new treatment and delivery options for opioid overdose.
Around 50 employees from Adapt Pharma working in the US, Canada, and Ireland will also join Emergent. These employees are involved in supply chain management, research and development, government affairs and commercial operations.
Adapt Pharma chairman and CEO Seamus Mulligan said: “With a shared mission of protecting lives from public health threats, I am confident that our combined expertise and resources will accelerate access to NARCAN Nasal Spray through investments in public awareness and manufacturing capacity while maintaining a responsible pricing approach.”
Emergent BioSolutions is engaged in the development of specialty products for civilian and military populations.