Why Opiant (OPNT) Shares Are Trading Higher Today

Indivior PLC INVVY has agreed to acquire Opiant Pharmaceuticals Inc OPNT for $20.00 per share in cash, plus contingent value rights (CVRs) of up to $8.00 per share.
Achievement of the CVR payments, if any, is based on attaining certain revenue thresholds for OPNT003, nasal nalmefene, and Opiant's investigational treatment for opioid overdose.
Completion of rolling New Drug Application (NDA) submission for OPNT003 is on track for Q4 2022.
The upfront payment of $20.00 per share represents a premium of approximately 111% to Opiant's closing share price on November 11.
Inclusive of each CVR payment, the total potential transaction value represents a premium of up to 195%.
Pending approvals, the parties anticipate completing the transaction in the first quarter of 2023.
Opiant entered a settlement with Emergent Biosolutions Inc EBS, resolving a legal dispute over its royalty obligations to Opiant for NARCAN Nasal Spray.
Under the settlement, EBS will make a one-time cash payment of $25 million to Opiant to terminate its license agreement with Opiant.
Related: Opiant Pharma Secures Additional BARDA Funding For Opioid Overdose Treatment.
For Q3, Opiant recorded $0.2 million of revenue, compared to $16.3 million a year ago, primarily from a contract with the Biomedical Advanced Research and Development Authority. Opiant recorded no royalty revenue from its license agreement with EBS.
Opiant had approximately $35.4 million in cash and cash equivalents as of September 30.
Price Action: OPNT shares are up 116.80% at $20.60 during the premarket session on the last check Monday.

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Indivior To Pay Over 100% Premium To Buy Opioid Focused Player Opiant Pharmaceuticals