Avadel sells sterile injectables portfolio; will focus on narcolepsy

Ireland-incorporated Avadel Pharmaceuticals (Nasdaq: AVDL) has sold its hospital sterile injectable drug portfolio to Exela Sterile Medicines for a total of $42.0 million.

The portfolio includes three commercial products, Bloxiverz (neostigmine methylsulfate), Vazculep (phenylephrine hydrochloride), and Akovaz (ephedrine sulfate injection, USP), as well as Nouress (cysteine hydrochloride), approved by the US Food and Drug Administration.

Under the terms of the agreement, Avadel will receive $14.5 million upfront and the remaining $27.5 million will be paid out to Avadel over the next 13 months. The transaction closed on June 30, 2020.