Assertio Therapeutics
Company type | Public |
---|---|
Nasdaq: ASRT | |
Industry | Pharmaceutical |
Founded | 1995 |
Headquarters | Newark, California |
Key people | Dan A. Peisert (CEO)[1] |
Products | Pharmaceuticals |
Revenue | US$57.2 million (2019)[2] |
US$3.33 million (2019)[2] | |
US$-13.6 million (2019)[2] | |
Number of employees | 116 (2019)[1] |
Website | www |
Assertio Therapeutics, Inc. (formerly Depomed, Inc.) is an American specialty
History
1995-2009
Depomed was founded in 1995
In April 2006, Depomed entered a license agreement with Esprit Pharma over
2010-2014
By 2010 the company was based in
On June 21, 2012, Depomed acquired the rights to Zipsor, an
2015-2017
In January 2015,
In early April 2016, activist investor Starboard Value accused DepoMed of being "unfriendly to shareholders," noting in part a plan to relocate from California to Delaware. Several weeks later, the Delaware move was dropped.[24] In September 2016, there were reports that Depomed was considering a sale, after Starboard called for the option to be explored in April 2016.[25] In October 2016, Starboard Value struck a deal with Depomed that gave the former three more spots on Depomed's board. In March 2017, more activity by activist investors resulted in CEO Jim Schoeneck being replaced by Arthur Higgins.[21] In December 2017, Depomed announced it was moving away from the opioid market and divesting of its Nucynta opioid franchise.[26] Nucynta's rights were sold to Collegium Pharmaceutical, for $10 million upfront and royalty payments until December 2022.[27] That year, Depomed's net revenue was $381 million.[22][20]
2018-2019
In January 2018 the company laid off 40% of its workforce after the divestment of its pain medication Nucynta.[21] On August 15, 2018, the company announced its name change from Depomed, Inc., to Assertio Therapeutics, Inc.[6] In 2018, Assertio also moved its headquarters from California to Lake Forest,[27] from Newark, California to Lake Forest, Illinois.[22]
By March 2019, Assertio's stock had lost half its value since 2016.[28] In September 2019, Crain's Chicago Business argued that Assertio's diversification campaign was "sputtering", with Assertio stock having dropped 80% in the prior year.[27] Operating income in 2019 was $3.33 million.[2] Becker's Hospital Review listed it as one of 31 drugmakers at high risk of going bankrupt in 2020.[29]
Products and manufacturing
By 2010 the company was based in
In January 2011, Gralise once-daily (
The company's diabetes treatment, Glumetza (
Former products
Assertio Therapeutics previously owned
Lawsuits
The company has been active in patent litigation. In 2002, the company received $18 million from the
In March 2012, the company filed a
The company has faced a number of lawsuits related to its marketing of the Nucynta opioid painkiller, with Assertio denying wrongdoing.[27] In January 2019, an insurer had asked California federal courts if it had to cover Assertio's defense in opioid-related cases filed in approximately 38 different cases in 2018.[35] In March 2019, Assertio won a dismissal of a lawsuit by shareholders that accused the company of hiding how much its growth was dependent on Nucynta marketing for off-label purposes. According to the judge, the plaintiffs failed to provide evidence of a scheme.[36]
See also
- Health care in the United States
- Cebranopadol
References
- ^ a b Assertio Therapeutics Inc, Bloomberg, retrieved November 20, 2019
- ^ a b c d e "DEPO Income Statement". Yahoo Finance. Retrieved 16 January 2017.
- ^ San Francisco Business Times, retrieved November 25, 2019
- ^ a b "Depomed Inc: NASDAQ:DEPO quotes & news". Google Finance. Archived from the original on December 20, 2013. Retrieved Jan 29, 2014.
- ^ a b "DEPO Profile | Depomed, Inc. Stock". Yahoo! Finance. Retrieved Jan 2, 2016.
- ^ a b Globe Newswire, CNBC, August 15, 2018, archived from the original on January 21, 2019, retrieved November 20, 2019
- ^ a b Marketed Products, Assertio, 2019, retrieved November 25, 2019
- ^ S2CID 195340176
- ^ a b c Depomed Reports 2003 Year End Financial Results, DepoMed, March 3, 2004, retrieved November 25, 2019
- ^ Depomed, Inc. Reports 2005 Year End Financial Results, BioSpace / Business Wire, March 14, 2006, retrieved November 25, 2019
- ^ Holmberg, Monica (April 1, 2006), Depomed and Esprit Pharma's Proquin XR, Pharmacy Times, retrieved November 25, 2019
- ^ Heavey, Susan (July 8, 2008), Antibiotics can harm tendons, FDA warns, Reuters, retrieved November 25, 2019
- ^ a b c d Kam, Ken (May 21, 2010), "Special Delivery From Depomed", Forbes, retrieved November 25, 2019
- ^ Edwards, Jim (November 3, 2010), "How the Humble Wooden Pallet Paralyzed Big Pharma and Now Faces Extinction", CBS News, retrieved November 25, 2019
- ^ a b Depomed Licenses Acuform(R) Technology and Glumetza(R) Data to Boehringer Ingelheim, Fierce Biotech, March 16, 2011, retrieved November 25, 2019[permanent dead link]
- ^ Holmberg, Monica (January 9, 2012), New FDA Actions: Depomed Inc's Gralise, Pharmacy Times, retrieved November 25, 2019
- ^ Depomed Announces Acquisition Of Zipsor® (diclofenac potassium) From Xanodyne Pharmaceuticals, Inc., Depomed, June 21, 2012, retrieved November 25, 2019
- ^ "Depomed Announces Acquisition Of Zipsor® (diclofenac potassium) From Xanodyne Pharmaceuticals, Inc" (Press release). Depomed. Jun 21, 2012. Retrieved Feb 5, 2014 – via PRNewswire.
- San Francisco Business Times, retrieved November 25, 2019
- ^ a b c d Nathan, Vidya L. (July 7, 2015), Horizon Pharma goes hostile with $3 billion offer for Depomed, Reuters, retrieved November 20, 2019
- ^ a b c d e "Troubled Depomed sells off Nucynta, axes 40% of workforce to pare down costs". FiercePharma. Retrieved 2019-10-15.
- ^ a b c Liu, Evonne (March 20, 2018), Lake Forest pharma complex attracts another HQ, Crain's Chicago Business, retrieved November 25, 2019
- ^ Results in 2015, depomedinc.co, 2015, retrieved November 20, 2019[dead link]
- ^ J. de la Merced, Michael (April 28, 2016), "Starboard Value's Rise to Activist Prominence", The New York Times, retrieved November 20, 2019
- ^ Roumeliotis, Greg (September 15, 2016), Exclusive: Drugmaker Depomed prepares to explore a sale - sources, Reuters, retrieved November 20, 2019
- ^ Helfand, Carly (August 15, 2018), Depomed joins ranks of scandal-plagued pharmas rehabbing their reputations with a name change, FiercePharma, retrieved November 20, 2019
- ^ a b c d Goldberg, Stephanie (September 6, 2019), Opioid habit hangs on at Lake Forest drugmaker, Crain's Chicago Business, retrieved November 20, 2019
- ^ Herbst-Bayliss, Svea (March 29, 2019), Starboard abandons campaign to scuttle Bristol-Myers-Celgene deal, retrieved November 25, 2019
- ^ Anderson, Maia (November 20, 2019), 31 drugmakers at high risk for bankruptcy in 2020, Beckers Hospital Review, retrieved November 20, 2019
- ^ "Depomed Announces US Food and Drug Administration Approval of GRALISE(TM) (gabapentin) Once-Daily Tablets for Treatment of Post-Herpetic Neuralgia" (Press release). Depomed. Jan 28, 2011. Archived from the original on February 5, 2014. Retrieved Feb 5, 2014.
- ^ "Depomed Inc (DEPO.O) Company Profile". Reuters. Archived from the original on October 22, 2008. Retrieved Feb 5, 2014.
- ^ RPh, Meaghan Byrne, PharmD , CPE & Frank Pallaria. "Dealing with Prescription Drug Shortages". www.iwpharmacy.com. Retrieved 2019-10-15.
{{cite web}}
: CS1 maint: multiple names: authors list (link) - ^ "Depomed Files Patent Infringement Lawsuit Against Gralise(R) ANDA Filers" (Press release). Depomed. Mar 5, 2012. Retrieved Jan 2, 2016 – via Globe Newswire (NASDAQ).
- ^ Zimmerman, Kevin (August 30, 2018), Purdue Pharma settles patent infringement suit over OxyContin for $62M, retrieved November 20, 2019
- ^ Insurers Seek to Avoid Being Drawn Into Opioid Litigation, Bloomberg, January 17, 2019, retrieved November 20, 2019
- ^ Raymond, Nate (March 19, 2019), Assertio Therapeutics beats investor lawsuit over opioid marketing, Reuters, retrieved November 20, 2019