Avadel Pharmaceuticals plc, which is developing FT218, an investigational, once-nightly formulation of sodium oxybate for treating excessive daytime sleepiness and cataplexy in patients with narcolepsy, has sold its portfolio of sterile injectable drugs used in the hospital setting, including three commercial products, Bloxiverz, Vazculep, and Akovaz, as well as Nouress, which is approved by the US Food and Drug Administration, to Exela Sterile Medicines LLC for a total of $42.0 million.
“The sale of the sterile injectable drug portfolio is a significant milestone for the company, as it further reflects our commitment to strategically focus on advancing FT218 through the regulatory review process and, if approved, bringing our once-nightly formulation of sodium oxybate to patients,” says Greg Divis, chief executive officer of Avadel, in a release. “By divesting our portfolio of sterile injectable drugs, we are now singularly focused on supporting the regulatory approval process, market planning and maximizing shareholder value for FT218.”
Under the terms of the agreement, Avadel will receive $14.5 million upfront and the remaining $27.5 million will be paid out to Avadel over the next 13 months. The transaction closed on June 30, 2020.