Jazz Pharmaceuticals has entered a definitive agreement to sell its rights to Prialt (ziconotide) intrathecal infusion to TerSera Therapeutics LLC for $80 million in cash. The transaction, subject to customary closing conditions, is expected to close 3Q18. As part of the transaction, TerSera will offer employment to a majority of the Jazz employees dedicated to Prialt.

Prialt is the only FDA approved, non-opioid agent indicated for the management of severe chronic pain in adult patients for whom intrathecal therapy is warranted. Jazz recorded $27 million in product sales for Prialt in 2017.  

“This transaction allows us to focus resources on our core therapeutic areas of sleep medicine and hematology/oncology,” said Daniel Swisher, president and chief operating officer of Jazz Pharmaceuticals.  “Given TerSera’s strong track record and focus on the business, we’re confident they will continue to educate medical professionals about and ensure full access to this important medicine for patients.”

“We are excited about acquiring Prialt and welcoming a team of seasoned professionals to support the future growth of this product as we continue to serve patients who can benefit from this therapy,” said Ed Fiorentino, chairman and chief executive officer of TerSera. “It is vitally important to ensure non-opioid alternatives are available for patients for the management of their severe chronic pain.”