Zevra Therapeutics, Inc. (NASDAQ:ZVRA) (Zevra, or the Company), a commercial-stage company focused on providing therapies for people living with rare disease, today announced an agreement under which Commave Therapeutics SA (Commave) will purchase Zevra's serdexmethylphenidate (SDX) portfolio, including AZSTARYS® and KP1077, for $50 million.

"We are pleased to have reached a mutually beneficial agreement with Commave regarding the sale of our entire SDX portfolio," said Neil F. McFarlane, Zevra's President and Chief Executive Officer. "Over the years, we have enjoyed a productive partnership with Commave, and we are confident these programs are in capable hands. We are excited to turn the page to Zevra's next chapter and remain focused on our mission of redefining what's possible for patients living with rare diseases."

Zevra and Commave had previously entered into a 2019 license agreement under which Zevra granted Commave an exclusive license to certain SDX products. In 2024, Commave initiated litigation in Delaware Chancery Court against Zevra, and as part of today's purchase agreement between the companies, the parties mutually agreed to settle the dispute.

Prior to entering into the agreement, the Company repaid the principal balance on its $63 million term loan in full, resulting in a strong, debt-free balance sheet and enhanced financial and strategic flexibility.