Nevakar Injectables Sells Six Development-Stage, Ready-to-Use Injectable Product Candidates to Endo Ventures Limited
BRIDGEWATER, N.J., May 02, 2022 (GLOBE NEWSWIRE) — Nevakar Injectables Inc. (“Nevakar”), a wholly owned subsidiary of Nevakar, Inc., is a biopharmaceutical company developing multiple sterile injectable products for use in the critical and ambulatory care settings. Nevakar announced today that it has entered into an asset sale agreement with Endo Ventures Limited, a subsidiary of Endo International plc (“Endo”) (NASDAQ: ENDP), for the sale of six of its differentiated, sterile injectable product candidates, which are currently in various stages of early development. Under the terms of the agreement, Nevakar transferred all rights and responsibilities for these product candidates to Endo in exchange for an upfront payment of $35 million.
“We are pleased to continue our longstanding relationship with Endo, a respected pharmaceutical company with a significant and growing presence in sterile and critical care products. This agreement further validates the value proposition of our strong pipeline and business model and provides additional resources for us to continue to grow and expand our product pipeline in a focused and selective manner,” stated Navneet Puri, Ph.D., Founder and Chairman of Nevakar.
In 2018, under an exclusive licensing agreement, Nevakar licensed five sterile injectable products to Endo that are in various stages of development and commercialization.
About Nevakar Injectables, Inc.
Nevakar Injectables, Inc. is a wholly owned subsidiary of Nevakar, Inc., a fully integrated privately held, late-stage biopharmaceutical company with an extensive portfolio of products in the ophthalmic and injectable areas. Nevakar Injectables is developing a broad portfolio of injectable products for use in the hospital and ambulatory care settings. The Company has active programs in critical patient care, acute pain management, long acting injectables, and hospital injectables. For additional information please visit www.nevakarinjectables.com
About Endo
Endo (NASDAQ: ENDP) is a specialty pharmaceutical company committed to helping everyone we serve live their best life through the delivery of quality, life-enhancing therapies. Our decades of proven success come from passionate team members around the globe collaborating to bring the best treatments forward. Together, we boldly transform insights into treatments benefiting those who need them, when they need them. Learn more at www.endo.com or connect with us on LinkedIn.
Investor Contacts:
Marshall Woodworth
Chief Financial Officer
T: (908) 699-4940
E: mwoodworth@nevakar.com
Lisa M. Wilson
In-Site Communications, Inc.
T: (212) 452-2793
E: lwilson@insitecony.com
