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3
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2007
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3
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- QOL Medical will acquire specialty pharmaceutical company Evoke Pharma for $11.00 per share in cash, representing a 139.7% premium to the most recent closing price. - The acquisition centers on GIMOTI, the first and only FDA-approved nasal spray formulation of metoclopramide for treating acute and recurrent diabetic gastroparesis in adults. - The transaction, unanimously approved by both boards of directors, is expected to close by the end of 2025 through a tender offer structure. - QOL Medical's deep experience in gastrointestinal disorders commercialization positions the company to expand GIMOTI's reach among patients and healthcare providers.
- Evoke Pharma received a Notice of Allowance from the USPTO for a patent application covering GIMOTI use in patients with moderate to severe gastroparesis symptoms. - The patent extends market exclusivity for GIMOTI, the only FDA-approved non-oral metoclopramide formulation, by an additional 6 years to December 2036. - GIMOTI is indicated for treating acute and recurrent diabetic gastroparesis in adults, offering a critical non-oral treatment option for patients whose oral medication absorption is compromised. - The patent allowance drove Evoke Pharma's stock price up over 163% in trading, reflecting investor confidence in the drug's extended market protection.
