Jazz Pharmaceuticals Improvises Its Way To A Turnaround
A day after specialty drug developer Jazz Pharmaceuticals Inc. announced plans to merge with Irish drugmaker Azur Pharma Ltd. in mid-September, the company had something new to celebrate. Jazz’s stock price reached an all-time high of $47.88 per share, giving the company a market valuation of almost exactly $2 billion.
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With a highly competitive effective tax rate, half a billion dollars in cash, and access to attractively priced capital, specialty pharma Jazz, itself the subject of takeover rumors, has stepped up its ongoing hunt for late-stage assets.
The sale of an asset portfolio that includes Elsetrin for hot flashes could give Jazz the financial flexibility for another product acquisition.
Jazz Pharmaceuticals will likely have to narrow the proposed indication for its fibromyalgia drug JZP-6 (sodium oxybate) following a "complete response" letter from FDA, but that appears to be only the first step for the product.