Opiant receives $2.5 million milestone payment from Adapt

Opiant Pharmaceuticals Inc. announced this week that it has received $2.5 million from Adapt Pharma Ltd. as a milestone payment following Adapt’s first commercial sale of NARCAN Nasal Spray.

Opiant sold NARCAN Nasal Spray to a subsidiary of Adapt in December of 2014.

NARCAN is currently the only ready-to-use nasal spray version of naloxone hydrochloride approved by the U.S. Food and Drug Administration (FDA). NACRAN Nasal Spray was developed for treatment in emergency situations for known or suspected opioid overdose.

With opioid abuse and overdoses showing a rapid increase in the United States, the sale of NARCAN was seen as timely by Opiant. The company plans to use its milestone payment to further develop operational activities and its opioid treatment program.

Under the licensure agreement that sent the rights for NACRAN Nasal Spray to Adapt in 2014, Opiant could potentially receive more than $55 million in milestone payments, as well as royalty payments on net sales.