NextWave Pharmaceuticals

About NextWave Pharmaceuticals

NextWave Pharmaceuticals, established in 2005, operated as a specialty pharmaceutical company with a strategic focus on developing and commercializing treatments for central nervous system (CNS) disorders, particularly attention deficit/hyperactivity disorder (ADHD). The company was also known as Children We Care Pharmaceuticals. Jay P. Shepard served as the President and Chief Executive Officer, guiding the company through a significant growth phase.

The company's key development was its collaboration with Tris Pharma to create Quillivant XR, the first once-daily liquid medication for ADHD in the United States. This product addressed a significant need for patients, especially children, who have difficulty swallowing pills. Quillivant XR is based on Tris Pharma's OralXR+ drug delivery platform, which allows for extended-release liquid formulations. In addition to the liquid suspension, NextWave was also developing an extended-release chewable tablet version of the same medication. The business model centered on gaining regulatory approval for these formulations and then commercializing them in the North American market.

A pivotal moment in NextWave's history occurred in 2012 when it was acquired by Pfizer. Pfizer had initially entered into an option and merger agreement, paying $20 million for the option, which it exercised shortly after the U.S. Food and Drug Administration (FDA) approved Quillivant XR on September 27, 2012. The acquisition involved an upfront payment of $255 million to NextWave's shareholders, with potential for up to an additional $425 million based on sales milestones. This acquisition integrated NextWave's specialized ADHD products into Pfizer's established commercialization infrastructure. Subsequently, in 2018, Tris Pharma, the original development partner and manufacturer, acquired NextWave from Pfizer, bringing the commercialization of Quillivant XR and its chewable counterpart, QuilliChew ER, in-house.