Adamis has a partner to market its EpiPen competitor after a year-long search

Shares of biotech Adamis Pharmaceuticals Corp. soared more than 35% Monday, after the company said its search for a commercial partner for its competitor to Mylan N.V.’s EpiPen allergic reaction treatment is over.

The Adamis ADMP, +39.48% product, called Symjepi, a syringe that’s filled with the allergic reaction treatment epinephrine, was approved by the U.S. Food and Drug Administration last July and patients have eagerly awaited its release.

But Adamis was unable to launch the product until it found a suitable commercial partner, a process that has lasted an entire year until Monday’s announcement of an exclusive agreement with Novartis AG’s NVS, -1.87%NOVN, -1.97% Sandoz Inc.

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