Insys agrees to sell Subsys intellectual property for $1.2 million

By Caroline Salls

Pittsburgh, Sept. 26 – Insys Therapeutics, Inc. entered into an asset purchase agreement under which it will sell to Pharmbio Korea, Inc. specified intellectual property for $1.2 million, according to an 8-K filed Thursday with the Securities and Exchange Commission.

Insys said the intellectual property being sold includes patents and right to assigned trademarks, records and other assets related to all strengths, doses and formulations in the Republic of Korea, Japan, China, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, and Vietnam of its Subsys fentanyl sublingual spray product.

The purchase agreement is subject to approval of the U.S. Bankruptcy Court for the District of Delaware and to closing conditions including the buyer’s receipt of an acceptance from the Bank of Korea under the Foreign Exchange Transactions Act of Korea, if required.

The specialty pharmaceutical company is based in Phoenix. The company filed bankruptcy on June 10 under Chapter 11 case number 19-11292.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.