Grupo Ferrer Internacional, which markets Alexza Pharmaceuticals’ Adasuve inhaled loxapine in the EU, Latin America, and the CIS countries, will acquire 2 million shares of Alexza common stock at $4 per share, the companies have announced. The amendment to the two companies’ agreement on Adasuve will make Ferrer the largest shareholder in Alexza and includes compensation for the elimination of some milestone payments.
The two companies announced a similar deal in 2012, prior to the approval of Adasuve, that gave Ferrer the option to purchase up to an additional 8 million shares. At the time, Ferrer purchased 2.4 million shares at $1.24 per share. The original 2011 deal between Ferrer and Alexza included a $10 million upfront payment.
Ferrer CEO Jordi Ramentol said, “Ferrer and Alexza’s collaboration has been focused on building the market for Adasuve in our territory and a lasting relationship between the companies. The expansion of our relationship with Alexza with this strategic investment demonstrates our belief in Adasuve as a highly valuable therapy, something we also hear from physicians and patients who have had experience with this product. We are pleased to continue our work together to build Adasuve into a global brand.”
Alexza President and CEO Thomas B. King added, “We have been very pleased with Ferrer’s commitment and progress in bringing Adasuve to patients since the first country launch in Germany in the summer of 2013. In addition to Adasuve now being available in nine EU countries, Ferrer has secured three Adasuve approvals in Latin America. We continue to see momentum in the uptake of Adasuve and consistently hear from physicians about the clinical benefits that Adasuve can convey to the patients they treat.”
Read the Ferrer and Alexza press release.
