North Chesterfield opioid addiction treatment company Indivior PLC is moving toward an additional listing on the Nasdaq Stock Exchange.
Executives with the company, which is already listed on the London Stock Exchange, said Thursday the move is aimed at bringing the company a greater profile. In March, it closed on a $145 million acquisition of Opiant Pharmaceuticals Inc., a company developing a new opioid overdose treatment that’s stronger than Narcan.
Indivior plans to be listed on the Nasdaq under the ticker symbol “INDV.”
“The sole purpose of [listing on the Nasdaq] is to bring additional exposure to both the company as well as the disease space in its largest opportunity market of the United States,” CEO Mark Crossley said on an earnings call. “So, this is about that visibility for the company. And we are excited to be able to go live with that at some point in June.”
Indivior made a name for itself by bringing opioid dependency treatments Suboxone and Sublocade to market. It has been facing antitrust litigation in the U.S. for allegedly using illegal tactics to block generic competition for its products. The company set aside $290 million in provisions last year in the face of a class-action suit on the matter.
“While I'm constrained in what I can say due to the ongoing nature of these matters before the court, I can confirm that discussions continue with the parties as we actively try to bring greater certainty for our shareholders at an appropriate value,” Crossley said on the call.
For the first quarter, it reported $253 million in net revenue, a 22% increase from the first quarter of 2022. Adjusted operating profit for the quarter jumped 31% to $71 million. Indivior adjusted its annual net revenue projections to $970 million to $1.04 billion, up from earlier projections of $950 million to $1.02 billion, reflecting the new contribution from Opiant.
Crossley told the Richmond Times-Dispatch last year the purchase of Opiant helps its pipeline of products to potentially help with overuse of alcohol and marijuana as well as opioids like fentanyl.
