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Opiant sells royalty rights to opioid overdose spray

Opiant Pharmaceuticals Inc. sold the rights to future royalties on Narcan to SWK Holdings Corp.

The company received $13.7 million for the rights and is eligible for a further $3.8 million once certain sales milestones are met.

The Narcan nasal spray is meant to reverse the effects of opioid overdose.

Torreya Partners LLC acted as financial adviser and DLA Piper LLC acted as legal adviser to Opiant on the transaction.