trending Market Intelligence /marketintelligence/en/news-insights/trending/49X0QKkZUkV1uMut8cYJDA2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

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

S&P Global Market Intelligence

Cannabis: Hashing Out a Budding Industry

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help

The Market Intelligence Platform


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.