A Fast-Growing $7 Drug Stock Analysts Believe Will Double
Wed, Aug. 20, 12:46 PM
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- Pernix Therapeutics Holdings (NASDAQ:PTX) finalizes its acquisition of the U.S. commercial rights to GlaxoSmithKline's (NYSE:GSK) Treximet (sumatriptan/naproxen sodium). Pernix has expanded its sales force to 100 to support the marketing of the product which it plans to launch next month.
- Under the terms of the deal, Pernix paid GSK an upfront payment of $250M, an additional payment of $17M upon the resolution of the recent supply constraint and royalty payments of 18% of sales (minimum: $4M/qtr). GSK assigned the product development and commercialization agreement (PDC Agreement) between GSK and Pozen (NASDAQ:POZN) to Pernix.
- Updated 2014 guidance: revenue: $110M - 120M; non-GAAP EBITDA: $22M - 24M.
- 2015 guidance: revenue: ~$230M; non-GAAP EBITDA: ~$95M.
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- Shares of nano cap Pernix Therapeutics Holdings (PTX -3.1%) are down on average volume after it reported a delay in the closing of the transaction to acquire the U.S. rights to Treximet (sumatriptan/naproxen sodium) for the treatment of adults with acute migraine attacks with or without aura. The delay is due to a short-term product supply issue. The company is working with manufacturer GlaxoSmithKline (GSK +0.7%) to address the problem.
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- Pernix Therapeutics Holdings (PTX) acquires the U.S. rights to Glaxo's (GSK) migraine drug Treximet (sumatriptan/naproxen sodium) for an upfront payment of $250M plus royalties. The transaction will almost double Pernix's revenues by adding $79M in net sales.
- Management expects FY15 revenues to be greater than $230M with an EBITDA magin of at least 40%.
- GSK originally acquired the rights to Treximet from Pozen (POZN). As part of this transaction, Pozen will assign the Product Development and Commercialization Agreement between POZN and GSK to PTX.
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Wed, Feb. 5, 10:25 AM
- Pernix Therapeutics (PTX) has named pharmaceuticals industry veteran Doug Drysdale as CEO to replace Mike Pearce following a major investment by a group of institutional investors led by Athyrium Capital Management. Drysdale is also becoming chairman.
- The consortium have agreed to purchase $65M of five-year convertible debt with a yield of 8%.
- "Armed with a strong war chest, the company is well-positioned to acquire specialty pharmaceutical products to add to its portfolio," Drysdale says, adding that the firm will focus "less on primary care and more on specialty audiences."
- Pernix has also agreed to pay Texas $12M to "settle all claims arising from certain actions by Cypress (Pharmaceuticals) prior to its acquisition by Pernix under the Texas Medicaid Fraud Protection Act." The amount is far less than a preliminary claim of $42M. Pernix will pay $1.3M to former Cypress shareholders over claims they made following Pernix's acquisition of Cypress.
- Pernix's shares are +27%. (PR)
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Pernix Therapeutics Holdings Inc is a specialty pharmaceutical company focused on the sales, marketing and development of branded and generic pharmaceutical products for sleep, bacterial infections and cough and cold conditions.
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