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Lightlake enters into license agreement with Adapt Pharma Operations

Lightlake Therapeutics, a biopharmaceutical company developing addiction treatments based on its expertise in opioid antagonists, announced that it has entered into a license agreement with Adapt Pharma Operations, a wholly owned subsidiary of Adapt Pharma Limited, an Ireland-based pharmaceutical company.

Pursuant to the agreement Adapt has received from Lightlake a global license to develop and commercialize Lightlake’s intranasal naloxone opioid overdose reversal treatment. In exchange for licensing its treatment to Adapt, Lightlake could receive potential development and sales milestone payments of more than $55 million, plus up to double-digit royalties.

Lightlake has been developing a nasal spray for the delivery of naloxone that could widely expand its availability and use in preventing opioid overdose deaths, a widespread and under-addressed public health problem in the United States. Lightlake, in collaboration with the National Institute on Drug Abuse ("NIDA"), part of the National Institutes of Health ("NIH"), commenced a clinical trial with respect to its nasal spray in September 2013.

Data from that study showed that using Lightlake’s technology naloxone can potentially be delivered into the blood stream at least as quickly as the injection process currently used by hospitals, first responders, and others treating opioid overdoses.

In July 2014, Lightlake announced that it had filed an investigational new drug application and received an additional commitment from NIDA to fund a second study with respect to Lightlake’s nasal spray. On December 4, 2014, Lightlake announced that this second study had commenced.

"Our entering into an agreement with a subsidiary of Adapt Pharma is a transformative event for Lightlake. Adapt Pharma is a tremendous development and commercialization partner for Lightlake," said Dr. Roger Crystal, CEO of Lightlake. "Adapt Pharma has a highly experienced and proven management team, significant financial resources, and strong capabilities to address a significant public health risk."

"We are pleased to partner with Lightlake and add this product to our business," commented Mr. Seamus Mulligan, Adapt Pharma’s Chairman and Chief Executive Officer. "The product is an important therapeutic and will have significant benefits for patients, first responder medical staff and caregivers. We look forward to completing the late stage development and to commercially launching the product."

Torreya Partners acted as financial advisor and Morgan, Lewis & Bockius acted as legal advisor to Lightlake on the transaction.