Endo International’s (NASDAQ:ENDP) stock has been on tear as of late. In late May we predicted the company had a key drug in its pipeline that could make the stock a 4 bagger. ENDP is not up over 80% since that report. The news keeps getting better. Today the company put out a press release stating Endo and Bioprojet SCR will distribute pitolisant on an exclusive basis in Canada:
Endo International plc (NASDAQ: ENDP), announced today that its subsidiary Endo Ventures Limited has entered into definitive agreements with Bioprojet SCR to register, commercialize, and distribute pitolisant on an exclusive basis in Canada. Paladin Labs Inc., an operating company of Endo, will be commercializing pitolisant in Canada.
Pitolisant is a selective histamine H3-receptor antagonist/inverse agonist that enhances the activity of histaminergic neurons. The drug is approved in the European Union (NYSEARCA:EU) for the treatment of narcolepsy in adult patients with or without cataplexy and is distributed under the tradename WAKIX®, but is not approved in Canada. Pitolisant has an orphan designation in the EU and the US for the treatment of narcolepsy.
Narcolepsy is a serious, chronic disorder characterized by excessive daytime sleepiness (NASDAQ:EDS), with some patients experiencing intermittent uncontrolled muscle weakness or paralysis (cataplexy). Pitolisant increases the release of the brain chemical histamine to increase a patient’s wakefulness and alertness.
The drug was developed by the co-founders of Bioprojet. Paladin will be responsible for sales and marketing of pitolisant while Bioproject will be responsible for supplying the drug to Paladin.
According to Shocking The Street, a premium investment service the Shock Exchange runs in conjunction with Seeking Alpha, the Bioprojet deal is bullish for ENDP for two reason. Read more: