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Adamis Pharmaceuticals Announces License Agreement with Allergan plc Subsidiary for Epinephrine Pre-Filled Syringe

DUBLIN, Ireland and SAN DIEGO, May 10, 2016 (GLOBE NEWSWIRE) -- Adamis Pharmaceuticals Corporation (ADMP) (“Adamis”) has entered into an exclusive licensing agreement with Allergan plc’s wholly owned subsidiary, Watson Laboratories, Inc. (“Watson”), to commercialize Adamis’ Epinephrine Pre-filled Syringe (“PFS”) product candidate for the emergency treatment of anaphylaxis.

Under the terms of the agreement, Watson will obtain commercial rights for the U.S. in exchange for an upfront fee and potential regulatory and performance based milestone payments totaling up to $32.5 million. Additionally, Watson will pay double-digit royalties to Adamis based on income from future sales of the PFS in the U.S. Adamis retains rights to commercialize the PFS in the rest of the world.

Dr. Dennis J. Carlo, President and CEO of Adamis, stated, “There is significant demand in the market for an alternative to the high-cost epinephrine auto-injectors. We feel that Allergan, through its planned merger with Teva, is the ideal partner to market our epinephrine PFS in the U.S. and by doing so, maximize the value of the product for our shareholders.”

“The epinephrine pre-filled syringe offers payers a cost effective option that can be utilized in specific treatment settings including hospitals and clinics, and will have applications with select patient...