Shares of Adamis crater on CRL; Boris Johnson promises to double dementia research funding
→ San Diego-based Adamis $ADMP saw its shares crater on the news that the FDA has rejected its application to market high-dose naloxone injection for the treatment of opioid overdose. The stock dropped about 50%, falling deep into penny stock territory. According to the biotech, the FDA had some outstanding questions on CMC that have to be resolved ahead of any approval.
→ After recently pledging £250 million into AI adoption in the NHS, UK Prime Minister Boris Johnson vowed in his manifesto unveiled on Sunday to invest an additional £83 million a year into dementia research, doubling current funding, over the next decade if the Conservative Party prevails in the general election. In addition, the Tories also promised to create a new £500 million fund for new medicines treating hard to cure diseases such as cancer.
→ Sorrento Therapeutics revealed today that it has rejected an unsolicited buyout proposal from two pharmaceutical companies. At a range of $3 to $5 per share in cash, respectively, the company said it was “significantly undervalued” by the suitors and a deal “was not in the best interests of its shareholders.” According to Reuters, Sorrento would have been valued $709.4 million at the higher end of the offer — while market capitalization sits below $227 million. The San Diego-based biotech, which has inked deals with Yuhan, Servier and NantPharma over the years, added that it believes that its pending licensing and collaboration transactions would create value exceeding the proposal.
→ After snagging FDA approval for its nasal spray Nayzilam (midazolam) — said to be the first nasal therapy available for seizure clusters — back in May, UCB says that the therapy will be available in retail pharmacies on December 2, 2019 for the treatment of seizure clusters that are distinct from a patient’s usual seizure pattern in those with epilepsy 12 years of age and older.
→ Pharma service company Inceptua Group has inked an exclusive clinical trial supply agreement for oncology generics with German manufacturer Bendalis. Under the agreement, Inceptua will become the exclusive distributor of Bendalis’ products for their use in clinical trials worldwide.