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What's The Opiant CVR Worth?

Rational Expectations profile picture
Rational Expectations


  • Opiant appears on track to be acquired for $20/share and offers various Contingent Value Rights (CVRs) linked to a potential drug launch.
  • The drug helps with opioid reversal after an overdose and has a scheduled FDA review date of May 2023.
  • If certain revenue targets are hit after launch, the CVR will pay out up to $8/share in total.
  • However, Teva has settlement agreements with most U.S. states that offer 'free' generics broadly similar to what the Opiant drug offers.
  • Despite the risks, the CVR appears to have value in excess of the current price, I calculate a little over $2/share in expected value from the CVR.

Young female scientist working in laboratory


Opiant (NASDAQ:OPNT) is being acquired for $20 a share, as this article previously discussed. Since then the Hart-Scott-Rodino waiting period expired and CFIUS approval was granted, so it is likely that after a shareholder

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Rational Expectations profile picture
Value-oriented ideas and special situations, generally mid/small cap. Also, orphaned and unfashionable investment ideas, ideally with a catalyst and the prospect of asymmetric upside/downside payoffs. Contrarian tendencies. To some extent I'll go anywhere if it's cheap and I'm more influenced by momentum and quality than I used to be.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of OPNT either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Not intended as investment advice. Author's opinion only. CVR is non-tradable and illiquid and may result in a total loss. Seek professional advice. Article may contain errors or omissions and may not be updated. Author's positions may be updated without notice.

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Comments (3)

Rational Expectations profile picture
OPNT003 now set to launch in Q4 2023, though the revenue in Q4 is expected to be very small, with real traction coming in 2024 (no specific guidance yet).
Rational Expectations profile picture
OPNT003 just approved by FDA, though company's revenue guidance is $150M-250M (implying CVR payout less likely)
Chris DeMuth Jr. profile picture
Indivior Completes Acquisition of Opiant Pharmaceuticals, Inc. https://bit.ly/41CHyRY ( $OPNT ). On to the next one.
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