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Insys to raise $29.2M from asset sales as part of bankruptcy proceedings

Insys Therapeutics Inc. agreed to sell its naloxone and epinephrine nasal spray products, related equipment and other assets to Hikma Pharmaceuticals PLC unit Hikma Pharmaceuticals USA Inc. for $17 million as part of its bankruptcy proceedings.

The Chandler, Ariz.-based opioid painkiller maker has also agreed to sell its cannabidiol formulations, Syndros oral dronabinol solution, Buprenorphine products, related equipment and assets to Chilion Group Holdings US Inc. for $12.2 million.

Additionally, Chilion has agreed to take over the lease of Insys' Round Rock facility and will retain certain employees.

The completion of both agreements is subject closing conditions, including approval from the bankruptcy court and the delivery of certain transfer letters to the U.S. Food and Drug Administration.

Insys filed for Chapter 11 bankruptcy in June to sell its assets to address the company's legal liabilities, including a $225 million settlement with the U.S. Justice Department over unlawful marketing practices involving its opioid drug Subsys.

The company pleaded guilty and accepted allegations that it paid doctors kickbacks and used other fraudulent marketing practices to boost the sales of the highly addictive painkiller, which contains fentanyl, an opioid 100 times stronger than morphine. Subsys is only approved to treat cancer-related pain in patients.

Insys founder and former Chairman John Kapoor, along with former employees, was found guilty by a federal jury in Boston over similar charges.