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Adamis Pharma Soars 60% Amid New Partnership With Novartis To Commercialize Symjepi

Adamis Pharma Soars 60% Amid New Partnership With Novartis To Commercialize Symjepi

Shares of Adamis Pharmaceuticals Corp (NASDAQ: ADMP) soared higher by 60 percent early Monday morning in reaction to a new partnership with Novartis AG (ADR) (NYSE: NVS).

What Happened

Adamis, a specialty biopharmaceutical company that focuses on treatments for respiratory diseases and allergies, said in a press release it entered into an exclusive distribution and commercialization agreement with global health care giant Novartis.

As part of the agreement, Sandoz, a division of Novartis, obtained U.S. commercial rights to Adamis' symjepi therapy for the treatment of allergic reactions including anaphylaxis.

As part of the agreement, Adamis will receive an unspecified upfront payment in addition to an equal share of future net profits generated by sales of 0.3mg symjepi doses in the U.S. and the 0.15mg product upon FDA approval in the U.S. 

Why It's Important

The financial terms of the agreement "have the potential to bring meaningful recurring revenue to Adamis, and we look forward to growing, and possibly expanding, this partnership," Adamis CEO Dr. Dennis Carlo said in the press release.

What's Next

Adamis will retain the right to commercialize the 0.3mg and 0.15mg product outside of the U.S., but Sandoz is given the first right of negotiation. Adamis could also continue developing its symject injection platform for additional product candidates, including the naloxone product candidate for the treatment of opioid overdoses.

Adamis stock was rallying more than 39 percent at the time of publication Monday. 

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