Troubled Chandler opioid maker sells off drug assets as part of bankruptcy

Drugs spilled out
Posted at 8:15 AM, Aug 23, 2019
and last updated 2019-08-23 11:15:59-04

Insys Therapeutics Inc, has entered into sales agreements to unload some of its drug assets for a combined $29.2 million as the Chandler-based pharmaceutical firm works through bankruptcy filing proceedings.

Insys will sell its naloxone and epinephrine nasal sprays and related assets and equipment to Hikma Pharmaceuticals USA Inc. for $17 million, according to a filing with the Securities and Exchange Commission.

Per the purchase agreement, Eatontown, New Jersey- based Hikma agreed to be responsible for cure costs and other specified liabilities.

Insys also will sell its CBD formulations and other products to Chilion Group Holdings US Inc. for $12.2 million, according to the filing.

Read more from the Phoenix Business Journal.