Antares Pharma Inc. agreed to sell worldwide rights, including certain fixed assets, for its Zomajet needle-free auto-injector device to Ferring Pharmaceuticals for up to $14.5 million.
The purchase price will be paid in four instalments consisting of a $2.0 million upfront payment, about $2.8 million payable upon satisfaction of certain conditions, $4.8 million payable upon satisfaction of customary closing conditions and the remaining payment of $5.0 million when the deal closes.
Antares is the worldwide supplier of the Zomajet devices to its partners Ferring and JCR Pharmaceutical Co. Ltd. and will continue to manufacture and supply the devices until the completion of the deal. During the completion period, Antares will continue to receive payment for the devices manufactured and supplied to its partners and a royalty on net product sales.
The deal is subject to certain customary closing conditions and is expected to close by the end of 2018.