ARTICLE | Company News

Alexza, Ferrer deal

March 12, 2012 7:00 AM UTC

The companies amended an October 2011 deal that granted Grupo Ferrer exclusive rights to commercialize bipolar disorder and schizophrenia product Adasuve loxapine ( AZ-004) in Europe, Latin America and the Commonwealth of Independent States (CIS). Under the amendment, Grupo Ferrer will buy about 2.4 million Alexza shares for $1.24 per share, or about $3 million. In exchange, Alexza will eliminate a future milestone payment. The price is a 94% premium to Alexza's close of $0.64 on March 6, before the amendment was announced. Grupo Ferrer may also buy up to an additional $8 million in Alexza shares during 2012 in exchange for the elimination of additional milestones at a price per share that will be a premium to the market price on the date of purchase (see BioCentury, Oct. 10, 2011). ...