Business News / Stocks

Antares Pharma Receives Third Installment From Sale of ZOMAJET Device to Ferring

Antares Pharma (ATRS) said pre-market Wednesday it has obtained $4.75 million from Ferring Pharmaceuticals in relation to the previously disclosed sale of Antares’ worldwide rights, including certain fixed assets for the ZOMAJET needle-free auto injector device to Ferring.

The purchase price of up to $14.5 million was to be paid to Antares in four installments of which the first three installments have now been received.

Antares said that it will continue to manufacture and supply the devices to its partners Ferring and JCR Pharmaceutical Company Ltd. until the completion date pursuant to existing supply arrangements. It also said it will continue to receive payment for the ZOMAJET devices manufactured and supplied to its partners and a royalty on net product sales in accordance with the existing license and supply agreements until the transaction is completed by the end of 2018.