Emerging pharmaceutical firm Adamis Pharmaceuticals Corporation (ADMP - Free Report) has recently acquired the exclusive license to 3M Company's (MMM - Free Report) Taper Dry Powder Inhaler (DPI) technology. With an additional payment, Adamis will also be entitled to acquire this technology currently under development phase. According to the agreement, Adamis made an initial payment to exclusively license the Taper technology through Dec 31, 2013 and will make an additional payment before the same date to fully acquire the Taper technology.
The DPI technology will be used for the treatment of asthma and chronic obstructive pulmonary disease (COPD). This technology can be used with single or combination drugs and is very competitive in comparison to other similar products available in the market.
3M remains focused on inventing new products and maintaining its competitive advantage worldwide. The rise in demand for such innovative 3M product services and technology is likely to augment its overall revenues. 3M is one of the leaders to develop this novel inhalation drug delivery technology and has more than 50 years of expertise in this field.
With this acquisition, Adamis will be able to strengthen its respiratory product pipeline. The exclusive license and acquisition of the 3M Taper DPI technology provide Adamis with an opportunity in the branded generic asthma/COPD market and is expected to help the company to generate additional returns for its shareholders. GlaxoSmithKline's (GSK) Advair Diskus is a competitor of the Taper technology. Data from IMS Health put the global asthma and COPD prescription market at $34 billion with a 7% annual growth rate.
Together with its subsidiaries, 3M operates as a diversified technology company with manufacturing operations across 70 countries worldwide. In the last reported quarter,3M Company reported record net sales of $7.8 billion, improving from $7.5 billion in the year-ago quarter.
3M currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look now are ITT Corporation (ITT - Free Report) and United Technologies Corp (UTX - Free Report) , each carrying a Zacks Rank #2 (Buy).