Moody’s reviews Indivior

Moody's Investors Service said it placed the ratings of RBP Global Holdings Ltd. and Indivior Finance Sarl, both subsidiaries of Indivior plc, under review for downgrade.

These include the B3 corporate family rating, Caa1-PD probability of default rating and the B3 rating on the senior secured bank credit facilities.

The SGL-2 speculative grade liquidity rating was affirmed.

“The rating actions follows news of the FDA approval and launch of a generic version of Indivior's main drug, Suboxone Film by Dr. Reddy's Laboratories,” Moody’s said in a news release.

“The FDA also approved a Suboxone generic for Mylan, although Mylan has not announced any planned launch at this point. The launch of a generic version by any company has the potential to lead to a rapid erosion of its revenues and earnings. US sales of Suboxone Film account for about 80% of Indivior's revenue.

“Indivior is seeking an immediate court-appointed injunction on a generic launch. This is because there is unresolved patent litigation ongoing between Indivior and Dr. Reddy's.”

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