LAKE FOREST -- Assertio Therapeutics said Friday it will sell its Nucynta drug franchise of products to specialty pharmaceutical firm Collegium Pharmaceutical, Inc. for $375 million in an all-cash deal.
Under the terms of the agreement, Massachusetts-based Collegium will also pay Assertio for certain inventories and equipment relating to the products. Nucynta is a strong prescription pain medicine that contains an opioid used to manage short-term pain in adults when other pain treatments, such as non-opioid pain medicines, do not treat the pain well enough.
The company intends to use cash proceeds retire its outstanding debt.
"We have enjoyed a great commercial partnership with Collegium and it became clear that they would be the ideal long-term home for the Nucynta franchise, given their position as the leader in responsible pain management and the synergistic fit of the Nucynta franchise in their portfolio," said Arthur Higgins, Assertio president and CEO.
The closing of the agreement is expected by Feb. 14.