Evoke Pharma, which developed and manufactures Gimoti intranasal metoclopramide, has agreed to be acquired by QOL Medical for $11 per share, the companies said. The FDA approved Gimoti for the treatment of diabetic gastroparesis in June 2020. Evoke has continued to add patent protection for the nasal spray, with a recently granted patent providing coverage until 2036.
QOL Medical CEO Derick Cooper commented, “We are excited about the strategic alignment between QOL and Evoke. Evoke has developed an innovative therapy that addresses a significant unmet need in gastrointestinal care, offering meaningful clinical benefits for patients. Gimoti strengthens our GI portfolio and advances our mission to support patients living with rare and underserved gastrointestinal conditions.”
Evoke CEO Matt D’Onofrio said, “Since inception, Evoke has remained singularly focused on serving the diabetic gastroparesis community by developing and delivering a new treatment option for a historically underserved population. This transaction recognizes the importance of what we’ve built, a differentiated, patient-centered therapy with a growing commercial presence. QOL Medical brings strong commercial GI experience, manufacturing capabilities, and a commitment to continuity, making them an ideal partner for the next chapter of our mission.”
Read the Evoke Pharma press release
