DUBLIN, May 2, 2022 /PRNewswire/ -- Endo International
plc (NASDAQ: ENDP) announced today that its subsidiary Endo
Ventures Limited (EVL) acquired six development-stage, ready-to-use
injectable product candidates from Nevakar Injectables Inc., a
subsidiary of Nevakar, Inc.
"These six product candidates that would be used in critical
care settings meaningfully expand Endo's ready-to-use injectable
product pipeline," said Scott Sims,
Senior Vice President and General Manager, Injectable Solutions
& Generics at Endo. "We look forward to further developing and
bringing these durable and differentiated products to market—and to
the healthcare providers and patients who need them."
The product candidates are in various stages of development,
with the first launch expected in 2025. With the acquisition, Endo
controls all remaining development, approval, launch and
commercialization activities for these product candidates. Endo's
Par Sterile Products business will commercialize the products in
the United States.
Under the terms of the agreement, EVL purchased the six product
candidates from Nevakar Injectables for a one-time payment of
$35 million. The one-time payment is
expected to be expensed immediately in the second quarter as
acquired in-process research and development costs. This
acquisition is separate from Endo's previously announced exclusive
licensing agreement with Nevakar.
Ready-to-use, or RTU, products help streamline operations for
hospitals by eliminating the need to prepare or transfer the
product before patient administration. This may reduce waste and
costs, optimize convenience and workflow and reduce the chance for
preparation error—all of which support quality patient care.
About Endo
Endo (NASDAQ: ENDP) is a specialty
pharmaceutical company committed to helping everyone we serve live
their best life through the delivery of quality, life-enhancing
therapies. Our decades of proven success come from passionate team
members around the globe collaborating to bring the best treatments
forward. Together, we boldly transform insights into treatments
benefiting those who need them, when they need them. Learn more
at www.endo.com or connect with us on LinkedIn.
About Nevakar Injectables, Inc.
Nevakar Injectables,
Inc. is a wholly owned subsidiary of Nevakar, Inc., a fully
integrated privately held, late-stage biopharmaceutical company
with an extensive portfolio of products in the ophthalmic and
injectable areas. Nevakar Injectables is developing a broad
portfolio of injectable products for use in the hospital and
ambulatory care settings. The Company has active programs in
critical patient care, acute pain management, long acting
injectables, and hospital injectables. For additional information
please visit www.nevakarinjectables.com.
Forward-Looking Statements
Certain information in this
press release may be considered "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
and any applicable Canadian securities legislation including, but
not limited to, the statements by Mr. Sims and any statements
related to the expansion of Endo's product pipeline or the
acquisition, timing, development, approval, launch or
commercialization of any products. Statements including words or
phrases such as "believe," "expect," "anticipate," "intend,"
"estimate," "plan," "will," "may," "look forward," "intend,"
"future," "potential" or similar expressions are forward-looking
statements. All forward-looking statements in this press release
reflect Endo's current expectations of future events based on
existing trends and information and represent Endo's judgment only
as of the date of this press release. Actual results may differ
materially and adversely from current expectations based on a
number of factors affecting Endo's businesses, including, among
other things, the following: the outcome of our strategic review,
contingency planning and any potential restructuring; the timing,
impact or results of any pending or future litigation,
investigations, proceedings or claims, including opioid, tax and
antitrust matters; actual or contingent liabilities; settlement
discussions or negotiations; the impact of competition including
loss of exclusivity and generic competition; our ability to satisfy
judgments or settlements or to pursue appeals including bonding
requirements; our ability to adjust to changing market conditions;
our inability to maintain compliance with financial covenants and
operating obligations which would expose us to potential events of
default under our outstanding indebtedness; our ability to incur
additional debt or refinance our outstanding indebtedness; a
significant reduction in our short-term or long-term revenues which
could cause us to be unable to fund our operations and liquidity
needs; the effectiveness of advertising and other promotional
campaigns; unfavorable publicity regarding the misuse of opioids;
and our ability to develop our product pipeline and to continue to
develop the market for products. The occurrence or possibility of
any such result has caused us to engage, and may result in further
engagement, in strategic reviews that ultimately may result in our
pursuing one or more significant corporate transactions or other
remedial measures, including on a preventative or proactive basis.
Those remedial measures could include a potential corporate
reorganization, restructuring or bankruptcy filing involving all or
a portion of our business, asset sales or other divestitures,
cost-saving initiatives, corporate realignments or strategic
partnerships. Some of these measures could take significant time to
implement and others may require judicial or other third-party
approval. Any such actions may be complex, could entail significant
costs and charges or could otherwise negatively impact shareholder
value, and there can be no assurance that we will be able to
accomplish any of these alternatives on terms acceptable to us, or
at all, or that they will result in their intended benefits.
Therefore, the reader is cautioned not to rely on any
forward-looking statements. Endo expressly disclaims any intent or
obligation to update these forward-looking statements, except as
required to do so by law. Additional information concerning risk
factors, including those referenced above, can be found in press
releases issued by Endo, as well as Endo's public periodic filings
with the U.S. Securities and Exchange Commission and with
securities regulators in Canada,
including the discussion under the heading "Risk Factors" in Endo's
most recent Annual Report on Form 10-K and any subsequent Quarterly
Reports on Form 10-Q or other filings with the U.S. Securities and
Exchange Commission.
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