Once her­ald­ed as its next big cash cow, Jazz takes a marked down price for not-so-hot sleep dis­or­der drug

Once up­on a mar­ket time, the an­a­lysts at Cowen gave Jazz Phar­ma­ceu­ti­cals a ring­ing en­dorse­ment of their fol­low-up sleep dis­or­der drug Sunosi, con­fi­dent it could ring up an­nu­al sales of $500 mil­lion-plus. That was about 4 years ago.

To­day, Jazz of­floaded the drug to Ax­some Ther­a­peu­tics for a mere $53 mil­lion, af­ter Jazz fell con­sid­er­ably short of that goal.

The CNS-fo­cused Ax­some an­nounced that it bought Sunosi, AKA sol­ri­amfe­tol, for $53 mil­lion up­front, two roy­al­ties, and $166 mil­lion in po­ten­tial mile­stone pay­ments to two oth­er phar­mas.

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