Axsome Therapeutics Inc (NASDAQ:AXSM) is trading higher Monday morning after the company announced it will acquire Sunosi from Jazz Therapeutics PLC (NASDAQ:JAZZ).
Jazz will receive a total upfront payment of $53 million from Axsome and a single-digit royalty on the company’s U.S. net sales of Sunosi.
The transaction is expected to accelerate Axsome’s transition to becoming a global commercial entity and fuel the company's growth as a premier biopharmaceutical company focused on delivering potentially life-changing medicines to people living with serious CNS conditions.
Sunosi is a dual-acting dopamine and norepinephrine reuptake inhibitor indicated to improve wakefulness in adult patients with excessive daytime sleepiness due to narcolepsy or obstructive sleep apnea.
AXSM 52-Week Range: $19.38 - $74.10
The stock was up 11.8% at $39.54 at time of publication.
Photo: fernandozhiminaicela from Pixabay.
