May 19 (Reuters) – Hansa Biopharma said on Tuesday it had agreed to license its kidney transplant drug Idefirix to privately held SERB Pharmaceuticals in Europe and some other markets for up to 115 million euros ($134 million), bolstering the Swedish biotech firm’s balance sheet as it prepares for a potential U.S. launch of the drug later this year.
The deal provides Hansa a cash runway to profitability and allows it to continue investing in its pipeline of other drugs.
• Hansa said the agreement would help ensure a robust U.S. launch, pending a decision by the U.S. Food and Drug Administration, which is expected in December
• Under the agreement, SERB will get exclusive rights to develop and commercialise Idefirix in the EU, Britain, Switzerland, Norway, Liechtenstein, Iceland, the Middle East and North Africa
• Idefirix, also known as imlifidase, is designed to quickly break down immunoglobulin G antibodies that can cause a patient’s immune system to reject a donor kidney
• The drug is conditionally approved in the EU, Norway, Liechtenstein, Iceland and the UK, and approved in Australia and Switzerland
• SERB will take responsibility for development and commercialisation
• Hansa will receive 110 million euros upfront and a further 5 million euros when its application for full approval of Idefirix is accepted for review by the European Medicines Agency
• Jefferies analysts estimate that sales of the drug could reach about 1.08 billion Swedish crowns ($114.9 million) in 2027 if it is approved in the U.S.
• Hansa shares rose as much as 30% in early Tuesday trading in Stockholm
($1 = 0.8606 euros)
($1 = 9.3960 Swedish crowns)
(Reporting by Bhanvi Satija in London and Vera Dvorakova in Gdansk, editing by Milla Nissi-Prussak)
Comments