OPNT - Addiction Drug Company Indivior Sets Sights on NASDAQ
London-based bio-tech company Indivior is hosting a capital markets day in New York, but the company did release some information prior to the all-day event and stated it plans to list on the NASDAQ. It is targeting the spring of 2023 for its listing.
The company focuses on addiction treatment solutions. It recently announced its plan to buy Opiant Pharmaceuticals, Inc. (NASDAQ: OPNT ) in a deal valued at $145 million in order to diversify its product portfolio and expand its reach in addiction treatment and science. Opiant is best known for selling the opioid overdose treatment Narcan
“We have made tremendous progress executing on our strategic priorities,” said CEO Mark Crossley . “We are the pioneer and global leader in addiction treatment and science and are well-positioned to transform the lives of the increasing number of patients affected by the opioid crisis, one of the most urgent public health emergencies of our time. Today, my team and I are excited to provide a deep review of our business and to highlight the compelling opportunities we have to innovate in the treatment of addiction and serious mental illness while delivering profitable growth and significant value creation for shareholders.”
Opioid Addiction
The company’s primary product is Sublocade (buprenorphine extended-release) which is a once-a-month injection to fight opioid addiction. The company believes it can achieve a NR run rate of $1 billion by the end of 2025. In a statement the company said this would be “Driven by its focus on further developing the Organized Health Systems (OHS) channel and pursuing the large opportunity in the U.S. Justice System. Longer term, based on the expected positive market dynamics for buprenorphine medication-assisted treatment (BMAT) and on continued execution against its OHS strategy, Indivior now expects to deliver Sublocade peak potential NR of > $1.5 billion .”
Indivior also noted that for the past two years it has been spending heavily to support Sublocade and its schizophrenia drug Perseris and that those expenses are expected to grow at a more moderate pace and to decline as a percentage of NR. “This impact is expected to be partly offset by an increase in R&D expenses as a percentage of NR towards industry benchmarks as the company seeks to build a strong and balanced pipeline focused on addiction treatments.”
The company hopes to expand its addiction treatment to cover alcohol in the future.