Upsher-Smith Laboratories announced that it has entered into a definitive agreement under which New Jersey-based Tonix Pharmaceuticals Holding Corp. and its wholly owned subsidiary Tonix Medicines have acquired Zembrace® SymTouch® (sumatriptan injection) 3 mg and Tosymra® (sumatriptan nasal spray) 10 mg. As part of the transaction, Upsher-Smith will support the transition of the products by providing certain commercial operations, regulatory and other services to Tonix Medicines for up to nine months after closing. The closing is expected to take place on June 30, 2023. Stifel served as exclusive financial advisor to Upsher-Smith on this transaction and Ballard Spahr LLP represented the Company as legal counsel.
Under the terms of the agreement, Tonix Medicines will make an upfront payment to Upsher-Smith at closing, and an additional payment in March 2024, or upon earlier conclusion of the transition period. Tonix will also acquire certain product-related inventories at closing.
"This agreement is part of Upsher-Smith's strategy to focus with even greater precision on our mission of delivering high-value, high-quality generics and novel therapies to customers. While we remain committed to our branded CNS products, this divestment allows us to optimize the value of these two migraine medications," said Rich Fisher, President and COO, Upsher-Smith. "As always, we remain committed to our customers and look forward to working with Tonix Medicines to ensure a smooth product transition."
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