Adamis Pharmaceuticals Corp (NASDAQ:ADMP) shares shot up almost 40% to US$4.45 on Monday after the San Diego-headquartered firm after it announced a distribution and commercialization agreement with drugs giant Novartis Group.
The deal with the latter's Sandoz Inc division is for the Adamis’ Symjepi product for the emergency treatment of allergic reactions (Type I) including anaphylaxis.
The Symjepi injector is a competitor of Mylan's well-known EpiPen product
Sandoz will distribute and sell the 0.3 and 0.15 mg versions of Symjepi, said Adamis.
"We are very excited about our collaboration with Sandoz," said Dr Dennis J. Carlo, the president and chief executive of Adamis.
"They are among the top pharmaceutical companies in the world and we believe they have the commercial presence and proven track record to maximize the value of Symjepi.
"We believe the financial terms of this agreement have the potential to bring meaningful recurring revenue to Adamis and we look forward to growing, and possibly expanding, this partnership with Sandoz based on the future success of Symjepi in the market.”
Adamis is a specialty biopharma company, which is focused on developing and commercializing products in the therapeutic areas of respiratory disease and allergy.