Jazz Pharma acquires narcolepsy drug


Jazz Pharmaceuticals (JAZZ -1.3%) has acquired the narcolepsy treatment ADX-N05 from Aerial BioPharma.

JAZZ is paying $125M upfront and Aerial, as well as SK Biopharmaceuticals (which has commercial rights in certain Asian countries) are eligible for milestone payments and tiered royalties on any eventual sales.

JAZZ CEO Bruce Cozadd calls the drug "a strong fit with [the company's] specialty focus." (PR)

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