In a move that captures synergistic and revenue-generating benefits, Jaguar Animal Health (NASDAQ: JAGX) is merging with San Francisco-based Napo Pharmaceuticals, Inc. The merger of the two companies is expected to provide Jaguar with a significant prescription revenue stream from sales of Mytesi™, which is FDA-approved for the symptomatic relief of noninfectious diarrhea in human adults with HIV/AIDS on antiretroviral therapy. The estimated U.S. market potential for Mytesti™, which launched in October 2016, is approximately $100 million in gross annual sales; the companies forecast the product will generate approximately $7.0 million in net sales in 2017. The active pharmaceutical ingredient (API) in Mytesi™ is crofelemer, which is also the API in Canalevia™, Jaguar’s lead candidate under evaluation for treatment of acute diarrhea and CID in dogs. “The board members of both Jaguar and Napo believe this is an opportune time to combine the two companies and that this binding agreement is in the best interests of both Jaguar and Napo as well as their respective equity holders. Upon the consummation of the merger, Jaguar and Napo together are poised to realize a number of synergistic, value-adding benefits—most importantly a prescription product revenue stream—and an expanded pipeline of important follow-on indications for Mytesi™ upon which to forge global partnerships,” Lisa Conte, Jaguar’s president and CEO and Napo’s interim CEO, stated in the news release. “We are confident that this merger will enable both companies, through a joint management team, to access efficiencies and enhance potential value creation.”
Per the agreement, Napo will operate as a wholly owned subsidiary of Jaguar, focused on human health. According to the press release announcing the merger, Napo holds global unencumbered rights to key indications for Mytesi™, and is seeking geographical collaborations to develop and commercialize Mytesi™ worldwide.
About Jaguar Animal Health, Inc.
Jaguar Animal Health, Inc. is an animal health company focused on developing and commercializing first-in-class gastrointestinal products for companion and production animals, foals, and high value horses. Canalevia™ is Jaguar’s lead prescription drug product candidate, intended for the treatment of various forms of diarrhea in dogs. Equilevia™ (formerly referred to as SB-300) is Jaguar’s prescription drug product candidate for the treatment of gastrointestinal ulcers in horses. Canalevia™ and Equilevia™ contain ingredients isolated and purified from the Croton lechleri tree, which is sustainably harvested. Neonorm™ Calf and Neonorm™ Foal are the company’s lead non-prescription products. Neonorm™ is a standardized botanical extract derived from the Croton lechleri tree. Canalevia™ and Neonorm™ are distinct products that act at the same last step in a physiological pathway generally present in mammals. Jaguar has nine active investigational new animal drug applications, or INADs, filed with the FDA and intends to develop species-specific formulations of Neonorm™ in six additional target species, formulations of Equilevia™in horses, and Canalevia™ for cats and dogs.
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