Insys Therapeutics said it tapped Lazard to advise the drugmaker on its plans to explore strategic options and is in talks to divest its fentanyl sublingual spray Subsys, sending the company's shares down 15 percent in after-hours trading.
The company said in November it would review strategic alternatives for its portfolio of opioid-related assets, including Subsys.
The potential divestiture process is being led by JMP Securities, a company spokeswoman said."We engaged Lazard thereafter to advise us on our capital planning and strategic alternatives across the business. These are two independent efforts." Prosecutors allege that Insys from 2012 to 2015 paid doctors kickbacks in the form of fees to participate in speaker programs ostensibly meant to educate medical professionals about Subsys that were poorly attended sham events.
Prosecutors brought the case amid a national opioid addiction epidemic. According to the U.S. Centers for Disease Control and Prevention, opioids were involved in around 47,600 overdose deaths in 2017.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Insys says Lazard hired to advise on options, in talks to divest SubsysInsys Therapeutics Inc said it tapped Lazard to advise the drugmaker on its plan...
Read more »
Former top sales exec testifies opioid maker Insys bribed doctorsAlec Burlakoff, who testified against his former Insys colleagues, made a rap video for a sales meeting in which he popped out of a container of opioids.
Read more »
Insys says Lazard hired to advise on options, in talks to divest SubsysInsys Therapeutics Inc said it tapped Lazard to advise the drugmaker on its plan...
Read more »
Former top sales exec testifies opioid maker Insys bribed doctorsAlec Burlakoff, who testified against his former Insys colleagues, made a rap video for a sales meeting in which he popped out of a container of opioids.
Read more »
Elizabeth Warren wants to force Google to divest in its acquisitions of Waze, Nest, and DoubleClickWarren mentioned similar breakups for Facebook and Amazon as well.
Read more »
ADP says private sector hiring is slowingPrivate sector hiring rose 183,000 in February, down from 300,000 in January, ADP reported Wednesday.
Read more »
Senior China diplomat says China-U.S. trade talks have made substantive progressThe Chinese government's top diplomat, State Councillor Wang Yi, said on Fr...
Read more »
EU says 'difficult' Brexit talks unlikely to yield swift dealTalks with Britain on amending its divorce deal with the European Union have mad...
Read more »
Turkey says in Patriot missile talks with U.S.Turkey and the United States are in talks over Washington's offer to sell a...
Read more »