Monday, December 11, 2017 1:52:08 PM
BY MarketWatch
— 5:03 PM ET 12/04/2017
DepoMed Inc.
) announced Monday afternoon that it will allow Collegium Pharmaceutical Inc. ( COLL ) to handle sales of its most lucrative product, the Nucynta line of painkillers, and slash its workforce. DepoMed
) said that it would take royalties as Collegium markets and sells Nucynta, and eliminate its painkiller salesforce and any brand advertising for the product. The company plans to lay off 40% of its workforce, about 70 employees, and move its headquarters out of Newark, California, to a state on the East Coast or in the Midwest. "Taking these steps, in terms of headcount reductions and office relocation, will provide additional financial and strategic benefits," DepoMed
) Chief Executive Arthur Higgins,who took the reins of the company earlier this year after an activist-investor battle (http:// www.marketwatch.com/story/depomed-dives-as-activist-investor-fight-leads-to-new-ceo-board-members-2017-03-28), said in a prepared statement. DepoMed
) will receive a minimum royalty of $135 million a year while cutting $70 million in annual expenses, the company said. Through nine months of this year, DepoMed
) has reported $183.3 million in Nucynta sales, more than half of its $286.3 million in total revenue. DepoMed
) and Collegium shares were both halted for a little more than a half-hour in late trading ahead of the announcement; after trading resumed, DepoMed ( DEPO ) shares, which were down more than 60% on the year, gained nearly 5% and Collegium shares added about 0.4%.
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Recent COLL News
- Collegium Announces Authorized Generic Agreement with Hikma Pharmaceuticals USA Inc. for Nucynta® and Nucynta® ER • GlobeNewswire Inc. • 04/29/2024 12:00:00 PM
- Collegium to Report First Quarter 2024 Financial Results on May 9, 2024 • GlobeNewswire Inc. • 04/25/2024 12:00:00 PM
- Collegium Pharmaceutical, Inc. Announces Redemption of Outstanding 2.625% Convertible Senior Notes Due 2026 • GlobeNewswire Inc. • 04/11/2024 12:00:00 PM
- Collegium to Participate in 23rd Annual Needham Virtual Healthcare Conference • GlobeNewswire Inc. • 04/03/2024 12:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 09:26:41 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/29/2024 10:24:26 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/26/2024 09:39:36 PM
- Collegium Reports Record Fourth Quarter and Full-Year 2023 Financial Results • GlobeNewswire Inc. • 02/22/2024 09:09:56 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/22/2024 09:03:38 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/22/2024 09:01:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/14/2024 09:15:34 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/14/2024 09:14:56 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/14/2024 09:14:42 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/14/2024 09:14:11 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/14/2024 09:13:23 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 05:04:28 PM
- Collegium to Report Fourth Quarter and Full-Year 2023 Financial Results on February 22, 2024 • GlobeNewswire Inc. • 02/08/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/18/2024 09:19:10 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 01/16/2024 09:20:07 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/03/2024 01:03:11 PM
- Collegium Provides 2024 Financial Guidance • GlobeNewswire Inc. • 01/03/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/22/2023 09:36:26 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 12/21/2023 09:15:43 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/20/2023 10:51:55 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 12/20/2023 09:28:33 PM
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