UPDATED -- Struggling drugmaker Zogenix Inc. (Nasdaq: ZGNX) has sold its Zohydro ER business, which makes painkillers, to Pernix Therapeutics Holdings Inc. (Nasdaq: PTX) for $80 million.
Zohydro ER is an extended-release, opioid-derived medication for pain management. As Mergers & Acquisitiosn previously reported, Zogenix won a lawsuit in 2014 to sell the medication in Massachusetts after former Gov. Deval Patrick issued an executive order prohibiting its sale, saying that it could lead to drug-abuse problems. Opioid-based painkillers have been widely linked the resurgence of heroin in the U.S.