Corcept lower after Optime Care terminates distributor agreement for Korlym

Shares of Corcept Therapeutics (CORT) are lower in Friday morning trading after Optime Care announced on Thursday that the national specialty pharmacy, distribution and patient management organization maximizing therapeutic opportunities for the treatment of orphan and rare disorders was terminating its agreement as the distributor for Korlym. Donovan Quill, founder, Optime Care, said, “We are proud of our team’s support and dedication to Korlym(R) patients. We have been their exclusive distributor for over 10 years and it saddens me that we will no longer be servicing these patients that we have grown to know and care for over the past decade. Our exclusive distribution model remains an important strategic tool for rare and orphan drug manufacturers who prioritize patient-first care while expanding market share. We terminated this agreement for Korlym based upon the decision by the drug manufacturer to end its exclusive arrangement with us, representing a material change that is not aligned with our model for treating special patients. As a respected partner to industry stakeholders, Optime Care provides the efficiency and scalability needed to build momentum and navigate ongoing challenges.” In morning trading, shares of Corcept are down $10.54, or 12%, to $77.82.