Alexza grants Teva U.S. rights to Adasuve
Alexza Pharmaceuticals Inc. (NASDAQ:ALXA) jumped $0.96 (22%) to $5.31 on Wednesday after granting Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) exclusive, U.S. rights to Adasuve loxapine, which FDA approved in December to treat acute agitation in adults with schizophrenia or bipolar disorder. Alexza will receive $40 million in cash up front and is eligible for up to $195 million in milestones, plus tiered royalties. Additionally, Alexza is eligible for a five-year convertible note from Teva of up to $25 million.
Teva will be responsible for U.S. clinical and commercialization activities, including any trials in new neurological indications and post-approval requirements, which include a large observational trial to evaluate safety with real-world use. Alexza said a U.S. launch is slated for 2H13. The product -- loxapine delivered by the Staccato system inhaler -- is approved for the indication as Adasuve Staccato in Europe. ...