Assertio Therapeutics Announces Closing of Sale of NUCYNTA® Franchise to Collegium Pharmaceutical for $375.0 Million
February 13 2020 - 4:05PM
Assertio Therapeutics, Inc. (“Assertio” or “The Company”) (NASDAQ:
ASRT), today announced the closing of its previously disclosed
definitive agreement (“Agreement”) with Collegium Pharmaceutical,
Inc. (“Collegium”), pursuant to which Collegium has acquired the
NUCYNTA® franchise of products from the Company. The Company also
announced today that it has repaid in full its senior secured debt
obligations.
“With this sale closing and accelerated repayment of our senior
debt obligations, it allows us the ability to invest in our core
business which will help us build and grow for the future,” said
Arthur Higgins, President and Chief Executive Officer of
Assertio.
Under the terms of the agreement, Collegium paid Assertio $375.0
million in cash at closing, less royalties paid to Assertio in
2020. Collegium paid Assertio for certain inventories and equipment
relating to the products.
Stifel acted as exclusive financial advisor to Assertio in this
transaction and Gibson, Dunn & Crutcher LLP and Greenberg
Traurig LLP served as legal counsel.
Additional details can be found in the Company’s Form 8-K filed
with the Securities and Exchange Commission.
About NUCYNTA® and NUCYNTA® ER
NUCYNTA® is a strong prescription pain medicine
that contains an opioid (narcotic) that is used to manage
short-term (acute) pain in adults when other pain treatments, such
as non-opioid pain medicines, do not treat your pain well enough or
you cannot tolerate them.
NUCYNTA® ER is a strong prescription pain
medicine that contains an opioid (narcotic) that is used to manage
pain severe enough to require daily, around-the-clock, long-term
treatment with an opioid when other pain treatments, such as
non-opioid pain medicines or immediate-release opioid medicines, do
not treat your pain well enough or you cannot tolerate them
About Assertio Therapeutics, Inc.
Assertio Therapeutics is committed to providing responsible
solutions to advance patient care in the Company’s core areas of
neurology, orphan and specialty medicines. Assertio currently
markets two FDA-approved products and continues to identify,
license and develop new products that offer enhanced options for
patients that may be underserved by existing therapies. To learn
more about Assertio, visit www.assertiotx.com.
About Collegium Pharmaceutical,
Inc.
Collegium is a specialty pharmaceutical company committed to
being the leader in responsible pain management. Collegium’s
headquarters are located in Stoughton, Massachusetts. For more
information, please visit the company’s website at
www.collegiumpharma.com.
"Safe Harbor" Statement Under the
Private Securities Litigation Reform Act of 1995
This news release contains forward-looking
statements. These statements involve inherent risks and
uncertainties that could cause actual results, including for 2019,
to differ materially from those estimated, projected or
anticipated, including expectations regarding the closing of the
sale of the NUCYNTA® franchise to Collegium
Pharmaceutical, Inc., the repayment of the Company’s indebtedness,
expectations regarding potential business opportunities, and other
risks outlined in the Company's public filings with the Securities
and Exchange Commission, including the Company's most recent annual
report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.
All information provided in this news release speaks as of the date
hereof. Except as otherwise required by law, the Company undertakes
no obligation to update or revise its forward-looking
statements.
Investor and Media Contact: Dan Peisert Senior
Vice President and Chief Financial
Officerdpeisert@assertiotx.comSource: Assertio Therapeutics,
Inc.
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