Idorsia maintains collaboration agreement with ReveraGen
Allschwil, Switzerland - November 5, 2018
Idorsia Ltd (SIX: IDIA) today announced that it has maintained the collaborative agreement with ReveraGen to research and co-develop vamorolone, a non-hormonal steroid modulator currently investigated for the treatment of Duchenne Muscular Dystrophy (DMD). Following receipt of the clinical study report for the Phase 2a study with vamorolone, Idorsia will pay ReveraGen USD 15 million to maintain the agreement.
In addition, the parties have agreed to a new structure of the agreement which makes milestone payments more dependent on commercial success. Under the renegotiated terms, Idorsia will be entitled to exercise an option to obtain the exclusive worldwide license rights on vamorolone at any time, but not later than upon receipt of the Phase 2b study results for a consideration of USD 20 million (previously USD 30 million). If the option is exercised, ReveraGen will be entitled to receive regulatory and commercial milestone payments up to USD 75 million in the DMD indication (previously USD 120 million) and three new one-time sales milestone payments of up to USD 120 million. Furthermore, Idorsia has agreed to support R&D activities for an additional year with up to a maximum amount of USD 1 million until mid-2020.
Milestone payments for three additional indications remain unchanged at USD 190 million. There is no change to the royalty payments agreed where Idorsia will pay tiered single-digit to low double-digit royalties on the annual net sales of vamorolone.
Idorsia Ltd is reaching out for more - We have more ideas, we see more opportunities and we want to help more patients. In order to achieve this, we will develop Idorsia into one of Europe's leading biopharmaceutical companies, with a strong scientific core.
Headquartered in Switzerland - a biotech-hub of Europe - Idorsia is specialized in the discovery and development of small molecules, to transform the horizon of therapeutic options. Idorsia has a broad portfolio of innovative drugs in the pipeline, an experienced team, a fully-functional research center, and a strong balance sheet - the ideal constellation to bringing R&D efforts to business success.
Idorsia was listed on the SIX Swiss Exchange (ticker symbol: IDIA) in June 2017 and has over 700 highly qualified specialists dedicated to realizing our ambitious targets.
For further information, please contact
Andrew C. Weiss
Senior Vice President, Head of Investor Relations & Corporate Communications
Idorsia Pharmaceuticals Ltd, Hegenheimermattweg 91, CH-4123 Allschwil
+41 (0) 58 844 10 10
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