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Jazz Pharmaceuticals Picks Up SpringWorks Assets For $35M

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Jazz Pharmaceuticals Picks Up SpringWorks Assets For $35M

Jazz Pharmaceuticals plc (NASDAQ: JAZZ) is set to buy assets from SpringWorks Therapeutics Inc. (NASDAQ: SWTX) for an upfront payment of $35 million.

The Dublin, Ireland-based company agreed to make additional payments to SpringWorks of up to $375 million should certain milestones be reached.

The deal centers around the potential treatment of post-traumatic stress disorder, including anxiety symptoms in cannabis use disorder.

Jazz will initially focus on developing SpringWorks' "PF-04457845" as a potential treatment in PTSD for patients with inadequate response to currently approved therapies.

Pfizer Inc. (NYSE: PFE) first licensed PF-04457845 to SpringWorks in 2017.

Jazz will also assume all milestone and royalty obligations owed by SpringWorks to New York-based Pfizer.

Springworks went public last year at a price between $16 and $18 per share. The offering raised gross proceeds of $153 million.

The Stamford, Connecticut-based has been using the IPO proceeds to advance various compounds in its pipeline.

JPMorgan, Goldman Sachs, Cowen and Wedbush PacGrow were the underwriters for the offering.

Springworks was founded in August 2017 as a clinical-stage biopharma company applying a precision medicine approach to develop medicines for rare diseases and cancer.

Courtesy image.

 

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