Alexza plans to reacquire U.S. rights for ADASUVE (loxapine) inhalation powder from Teva

Alexza Pharmaceuticals, Inc. (Nasdaq: ALXA) announced today that it plans to reacquire the U.S. rights for ADASUVE^® (loxapine) inhalation powder from Teva Pharmaceuticals USA, Inc., a subsidiary of Teva Pharmaceutical Industries Ltd., with an estimated target completion date of January 1, 2016. Alexza and Teva also plan to restructure the obligations under the outstanding note from Teva. Alexza and Teva are working on a transition agreement to continue product availability to patients and health care providers after the return of the rights to Alexza.

"ADASUVE is an effective product. There are considerable challenges in launching a hospital product, especially one as complex as ADASUVE. We appreciate the efforts that Teva has made to date and are looking forward to continuing to build the ADASUVE brand," said Thomas B. King, Alexza President and CEO. "We remain confident in ADASUVE's long-term commercial prospects and plan to work with Teva to effect a smooth transition. It is our intention to work diligently in 2016 to identify a new U.S. commercial partner for ADASUVE."