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Jazz Pharmaceuticals to sell rights to pain drug Prialt to TerSera for $80M

Jazz Pharmaceuticals PLC said it will sell rights to its pain medicine Prialt to TerSera Therapeutics LLC for $80 million in cash.

The Irish biopharmaceutical company said Prialt, which brought in net sales of $27 million in 2017, is the only non-opioid medicine approved by the U.S. Food and Drug Administration for managing severe chronic pain in adult patients for whom intrathecal therapy is required. Intrathecal drug delivery involves getting the medicine into the cerebrospinal fluid via an injection or infusion.

Jazz President and COO Daniel Swisher said the company intends to focus on its core therapeutic areas of sleep medicine, blood disorders and cancer.

The deal comes a day after privately held TerSera said it is going to acquire North American rights to Tesaro Inc.'s nausea drug Varubi for $40 million plus milestone payments.

Under the agreement with Jazz, Lake Forest, Ill.-based TerSera will offer jobs to most of the Dublin-based company's employees who are focused on Prialt.

The transaction is expected to close in the third quarter of 2018, subject to customary closing conditions.

MTS Health Partners LP acted as financial adviser to Jazz for the transaction.