Axsome Therapeutics Inc AXSM is trading higher Monday morning after the company announced it will acquire Sunosi from Jazz Therapeutics PLC JAZZ.
Jazz will receive a total upfront payment of $53 million from Axsome and a single-digit royalty on the company’s U.S. net sales of Sunosi.
The transaction is expected to accelerate Axsome’s transition to becoming a global commercial entity and fuel the company's growth as a premier biopharmaceutical company focused on delivering potentially life-changing medicines to people living with serious CNS conditions.
Sunosi is a dual-acting dopamine and norepinephrine reuptake inhibitor indicated to improve wakefulness in adult patients with excessive daytime sleepiness due to narcolepsy or obstructive sleep apnea.
AXSM 52-Week Range: $19.38 - $74.10
The stock was up 11.8% at $39.54 at time of publication.
Photo: fernandozhiminaicela from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
