Jazz Settles Generic Xyrem Litigation With Hikma; Raising FVE After Major Risk Removed
Jazz Pharmaceuticals has reached a settlement regarding generic Xyrem with Hikma, the leading abbreviated new drug application filer after acquiring Roxane in 2016. Hikma will sell the authorized generic version of Xyrem starting in 2023 under the shared REMS program and will pay Jazz an undisclosed royalty on product sales. We believe this significantly mitigates the risk of near-term generic Xyrem erosion, and we plan on increasing our $132 fair value estimate to account for delayed generic en...Jazz Pharmaceuticals is a biopharmaceutical company focused on identifying, developing and commercializing products that address unmet medical needs. Co.'s products and product candidates focus on sleep and hematology/oncology. Co.'s products are: Xyrem® oral solution, which treats both cataplexy and excessive daytime sleepiness, in patients with narcoleps; Erwinaze®, which treats patients with acute lymphoblastic leukemia, who have developed hypersensitivity to E. coli-derived asparaginase; and Defitelio®, which treats adult and pediatric patients with hepatic veno-occlusive disease, with renal or pulmonary dysfunction following hematopoietic stem cell transplantation.
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