Insys says Lazard hired to advise on options, in talks to divest Subsys [Reuters]
INSYS THERAPEUTICS (INSY)
Last insys therapeutics earnings: 11/5 04:16 pm
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Source: Reuters
Insys says Lazard hired to advise on options, in talks to divest Subsys (Reuters) - Insys Therapeutics Inc 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. “We are in active negotiations with multiple parties regarding the potential divestiture of Subsys,” Chief Executive Saeed Motahari said on Thursday, adding the company expects the transaction to require shareholder approval. 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.” The news came amid an ongoing trial in federal court in Boston of five
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