Eagle Pharmaceuticals IncEGRX announced that Enalare Therapeutics Inc secured a contract for up to $50.3 million from the Biomedical Advanced Research and Development Authority (BARDA).
In partnership with BARDA, ENA-001 is being developed in an intramuscular (IM) formulation for potential use in patients experiencing community drug overdose and as a potential medical countermeasure for mass casualty events.
The contract is awarded in stages based on the achievement of established milestones and deliverables and provides funding for further development of ENA-001.
The first phase of the contract, which provides approximately $6.0 million to complete activities through the initial Phase 1 study, coincides with grant support from the National Institute on Drug Abuse, part of the National Institutes of Health.
In August 2022, Eagle made an equity investment of $12.5 million in Enalare, with a commitment to another $12.5 million six months later and two potential follow-on contingent equity investments of $15 million.
Eagle also can acquire the remaining Enalare shares for $100-$175 million plus royalty rights.
Price Action: EGRX shares are up 1.86% at $27.60 on the last check Tuesday.
