Adamis Pharmaceuticals (NASDAQ:ADMP) is a mover and shaker out on the Street today, with investors sparking the stock on an almost 45% upturn.
Why the excitement? The drug maker announced a strategic distribution and commercialization agreement with Sandoz, a subsidiary of industry juggernaut Novartis, for ADMP’s EpiPen alternative, Symjepi. Sandoz will have the first right of negotiation for Symjepi internationally and ADMP will continue to be able to develop additional offerings around its injection platform, Symject. The deal comes with an upfront payment and milestones (both not disclosed) to Adamis, as well as a 50/50 profit share (US).
Adamis CEO Dr. Dennis J. Carlo commented, “We are very excited about our collaboration with Sandoz. They are among the top pharmaceutical companies in the world and we believe they have the commercial presence and proven track record to maximize the value of Symjepi. We believe the financial terms of this agreement have the potential to bring meaningful recurring revenue to Adamis and we look forward to growing, and possibly expanding, this partnership with Sandoz based on the future success of Symjepi in the market.”
In reaction, Maxim analyst Jason McCarthy raised his price target on ADMP from $10.00 to $13.00, while reiterating a Buy rating on the stock (To watch McCarthy’s track record, click here)
McCarthy noted, “The much anticipated partnership for Symjepi has arrived and should represent a significant inflection point for Adamis. With Symjepi partnered, the next area to focus on is the company’s pipeline of injectionbased and inhalation-based drugs which are moving to the later stages of development, and like Symjepi, likely to attract pharma partners, in our view.”
If we turn to the Street in general, we can see that the stock also has a Strong Buy analyst consensus rating, with 4 back-to-back Buy ratings in the last 12 months.
Adamis is a specialty biopharmaceutical company focused on developing and commercializing products in the therapeutic areas of respiratory disease and allergy. The company’s Symjepi (epinephrine) Injection 0.3mg, was approved for use in the emergency treatment of acute allergic reactions, including anaphylaxis, and its Symjepi (epinephrine) Injection 0.15mg product is undergoing FDA review.