Insys Therapeutics Inc. agreed to sell its controversial opioid painkiller Subsys and certain other related assets to Pharmbio Korea Inc. for $1.2 million.
Under the agreement, Insys will transfer and assign to Pharmbio all strengths, doses and formulations of Subsys and certain other related assets in South Korea, Japan, China, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste and Vietnam.
The deal is subject to approval by the Bankruptcy Court and certain closing conditions.
In June, Chandler, Ariz.-based Insys filed for bankruptcy after it agreed to pay a $225 million settlement related to investigations over unlawful marketing practices involving Subsys. Insys pleaded guilty to allegations that it paid doctors kickbacks and used other fraudulent marketing practices to boost sales of its highly addictive painkiller.
Insys sold its naloxone and epinephrine nasal spray products, related equipment and other assets to Hikma Pharmaceuticals PLC's unit Hikma Pharmaceuticals USA Inc. for $17 million in August as part of its bankruptcy proceedings. In September, Insys agreed to sell Subsys and certain other related assets to BTcP Pharma LLC all over the world except in the Asian countries mentioned above.
