Ferrer buys $8 million of Alexza shares, to eliminate certain Adasuve milestone payments

US drugmaker Alexza Pharmaceuticals (Nasdaq: ALXA) and privately-held Spanish firm Grupo Ferrer Internacional have amended their agreement for the schizophrenia or bipolar disorder drug Adasuve (Staccato loxapine).

Ferrer is Alexza's commercial partner for Adasuve in the European Union, Latin America and the Commonwealth of Independent States countries (the Ferrer Territory). The companies have agreed that Ferrer will purchase 2 million shares of Alexza common stock for $4.00 per share, thereby becoming the company's largest shareholder. The purchase represents a combination of new investment and consideration for the elimination of certain future potential milestone payments under the agreement.

"Ferrer and Alexza's collaboration has been focused on building the market for Adasuve in our territory and a lasting relationship between the companies," said Jordi Ramentol, chief executive of Ferrer, adding: "The expansion of our relationship with Alexza with this strategic investment demonstrates our belief in Adasuve as a highly valuable therapy, something we also hear from physicians and patients who have had experience with this product. We are pleased to continue our work together to build Adasuve into a global brand."