Strongbridge Biopharma plc Announces Closing of Transaction with Novo Nordisk to Transfer the Rights to MACRILEN™ (macimorelin) in the United States and Canada
- Strongbridge received a one-time upfront cash payment of
$145 million, of which a portion was used to fully repay outstanding debt.
- In addition,
Novo Nordiskpurchased 5.2 million ordinary shares of Strongbridge at a purchase price of $7.00per share, resulting in gross proceeds of $36.7 million.
- Strongbridge will also be entitled to receive tiered royalties related to the sales of MACRILEN through 2027.
Novo Nordiskwill fund Strongbridge’s rare endocrine commercial field organization to promote MACRILEN in the U.S. for up to three years.
“As we near the end of 2018, the completion of this transaction significantly strengthens our financial position, and in 2019, the Company will continue to be very focused on rapidly progressing RECORLEV™ (levoketoconazole) for the potential treatment of Cushing’s syndrome as well as driving the growth of KEVEYIS® (dichlorphenamide),” said Matthew Pauls, president and chief executive officer of
About Strongbridge Biopharma
Strongbridge Biopharma is a global commercial-stage biopharmaceutical company focused on the development and commercialization of therapies for rare diseases with significant unmet needs. Strongbridge's rare endocrine franchise includes RECORLEV™ (levoketoconazole), a cortisol synthesis inhibitor currently being studied in Phase 3 clinical studies for the treatment of endogenous Cushing's syndrome, and veldoreotide extended release, a pre-clinical next-generation somatostatin analog being investigated for the treatment of acromegaly and potential additional applications in other conditions amenable to somatostatin receptor activation. Both RECORLEV and veldoreotide have received orphan drug designation from the FDA and the European Medicines Agency. The Company’s rare neuromuscular franchise includes KEVEYIS® (dichlorphenamide), the first and only FDA-approved treatment for hyperkalemic, hypokalemic, and related variants of primary periodic paralysis. KEVEYIS has orphan drug exclusivity in the
This press release contains forward-looking statements within the meaning of the federal securities laws. The words "anticipate," "estimate," "expect," "intend," "may," "plan," "potential," "project," "target," "will," "would," or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than statements of historical facts, contained in this press release, are forward-looking statements, including statements related to Strongbridge's strategy, plans, and objectives of management for future operations. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in such statements. Additional risks and uncertainties relating to Strongbridge and its business can be found under the heading “Risk Factors” in Strongbridge’s Annual Report on Form 10-K for the year ended
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Source: Strongbridge Biopharma plc