Raleigh’s BioDelivery Sciences secures rights for opioid-induced constipation drug

RALEIGH – BioDelivery Sciences (BDSI), a Raleigh-based pharmaceutical company focused on pain management and addiction medicine, now has exclusive rights to commercialize an opioid-induced constipation (OIC) drug in the US and Puerto Rico under a deal with Shinogi..

The med, Symproic, is used to treat OIC in adults with chronic non-cancer pain, and has the potential to become a leading therapy option for OIC given its proven clinical profile and differentiation.

It is estimated that approximately 40-60 percent of adults with chronic non-cancer pain on non-buprenorphine based opioid therapy will experience OIC, making it one of the most commonly reported side effects in this patient population and can significantly interfere with the appropriate management of chronic pain.

“We are very excited to add Symproic to our commercial portfolio of highly differentiated products for patients suffering from chronic pain and its associated conditions,” stated Herm Cukier, CEO of BDSI, said in a statement. “The product fits very synergistically both strategically and operationally with BELBUCA® (buprenorphine buccal film) CIII, enabling us to leverage our existing commercial organization and capabilities. We are confident Symproic has the potential to become a leading treatment option for OIC and expect to see an accretive contribution to cash flow in the first half of 2020.”

Under the terms of the agreement, BDSI will pay Shionogi, Inc., an initial payment of $20 million and an additional $10 million in six months. In addition, Shionogi is eligible to receive tiered royalty payments based on Net Sales of Symproic.

With the addition of Symproic, the company expects the long-term net sales potential of its product portfolio to be in the range of $325 – $400 million. Additionally, the company has reaffirmed its expectation to become operating cash flow positive by the end of 2019.

On the same day of the announcement, BDSI initiated a public offering of common stock, selling stockholder of 12,000,000 shares of common stock at a public offering price of $5.00 per share. The offering is expected to close on or about April 15.