StockMarketWire.com - Indivior said it had agreed to sell its rights to a Chinese opioid addiction treatment to Pukang for up to $122.5m.

Terms of the transaction included a signing payment of $1.5m, $3.5m upon designation of the Sai Bo Song tablet as a Class II psychotropic drug by Chinese regulators, and $12.5m upon closing of the transaction, for a total of $17.5m in near-term payments.

Indivior would also receive an additional $105.0m based on certain technical assistance it provided to Pukang and the achievement of certain sales milestones during a ten-year period.

The foregoing regulatory hurdles were expected to occur throughout 2019 and the transaction was targeted to close by end of fourth quarter of 2019, the company said. 'The divestiture of the Sai Bo Song tablet in China is consistent with Indivior's efforts to prioritize efforts on the long-term growth opportunities with our new depot assets, SUBLOCADE and PERSERIS,' said Shaun Thaxter, Chief Executive Officer of Indivior. 'This transaction helps us focus our resources on the highest return opportunities in the regions we know best, while ensuring patients in China have access to an important and transformational treatment.'

Indivior also announced thaqt it had struck an agreement with Alvogen enjoining it from selling the company's generic opioid addiction treatment in the United States until a preliminary injunction against Dr. Reddy's Laboratories had been lifted.

As a result of the agreement, the preliminary injunction hearing for February 7, would not take place.

The hearing was scheduled after Indivior was granted a Temporary Restraining Order by the U.S. District Court for the District of New Jersey against Alvogen on January 24, 2019.

In a separate statement, Indivior said Monday it had entered into an agreement to sell its rights to a Class II psychotropic drug in China to Pukang for a total of up to $122.5m.

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