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Adamas Announces Agreement to Settle Patent Litigation with Osmotica

Post Time:2020-12-03 Source:finance.yahoo.com Author: Views:

Adamas Pharmaceuticals, Inc. (Nasdaq: ADMS), a company dedicated to developing and delivering medicines that make a meaningful difference to people affected by neurological diseases, today announced it has signed an agreement to settle its ongoing patent litigation with Osmotica Pharmaceutical US LLC, a subsidiary of Osmotica Pharmaceuticals plc. As a result of this agreement, both parties will drop their respective claims relating to the patent litigation, and Adamas will acquire the global rights to OSMOLEX ER® for $7.5 million. The agreement is expected to close early in 2021.

Adamas’ current portfolio consists of GOCOVRI® (amantadine) extended-release capsules for the treatment of dyskinesia in patients with Parkinson’s disease receiving levodopa-based therapy. OSMOLEX ER (amantadine) extended-release tablets is FDA-approved for the treatment for Parkinson’s disease and drug-induced extrapyramidal reactions in adult patients.

“This settlement agreement removes any further litigation costs and related distraction for Adamas. The acquisition of OSMOLEX ER also expands our presence in Neurology which is part of our long-term growth strategy,” said Neil F. McFarlane, Chief Executive Officer. “The different FDA-approved indications and pharmacokinetic profiles for GOCOVRI and OSMOLEX ER allow for the treatment of distinct patient populations. We intend to leverage our commercial expertise to unlock the full potential of both products and serve more patients in the wider neurology community.”

As part of the acquisition, Adamas will receive existing inventory and all rights to OSMOLEX ER. Parties also entered a supply agreement in which Osmotica will be the sole manufacturer of OSMOLEX ER. Both parties are working together to ensure continuity of product supply to patients.

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