Insys Therapeutics said it tapped Lazard to advise the drugmaker on its plans to explore strategic options and is in talks to divest its fentanyl sublingual spray Subsys, sending the company's shares down 15 percent in after-hours trading.
The company said in November it would review strategic alternatives for its portfolio of opioid-related assets, including Subsys.
The potential divestiture process is being led by JMP Securities, a company spokeswoman said."We engaged Lazard thereafter to advise us on our capital planning and strategic alternatives across the business. These are two independent efforts." Prosecutors allege that Insys from 2012 to 2015 paid doctors kickbacks in the form of fees to participate in speaker programs ostensibly meant to educate medical professionals about Subsys that were poorly attended sham events.
Prosecutors brought the case amid a national opioid addiction epidemic. According to the U.S. Centers for Disease Control and Prevention, opioids were involved in around 47,600 overdose deaths in 2017.
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