Idorsia enters into exclusive negotiations for global rights to aprocitentan
November 27 2024 - 1:00AM
UK Regulatory
Idorsia enters into exclusive negotiations for global rights to
aprocitentan
Ad hoc announcement pursuant to Art. 53 LR
- Company enters into exclusive negotiations with an undisclosed
party for global rights to aprocitentan
- Company to streamline the business, resulting in cost
containment – consequently, approximately 270 positions globally
could become redundant
- Company plans to restructure its outstanding debt
Allschwil, Switzerland – November 27, 2024
Idorsia Ltd (SIX: IDIA) today announced that it has entered into
exclusive negotiations with an undisclosed party for the global
rights to aprocitentan. Idorsia will receive an exclusivity fee of
USD 35 million, which extends Idorsia’s cash runway into 2025. The
potential agreement under discussion could include an upfront
payment, additional milestone payments, and tiered royalties on
sales in return for the transfer of global rights to aprocitentan
and certain team members from Idorsia.
André C. Muller, CEO of Idorsia, commented: “I
am pleased to announce that we made an important step to reaching a
potential agreement for the global rights to aprocitentan. We are
targeting signing before the end of 2024 and closing in early 2025,
more details will be shared should a final agreement be signed.
This is a first and crucial step in our plan to put Idorsia in a
financially sustainable position and on the road towards
profitability.”
André continued: “In addition, we are
implementing initiatives which include cost-containment measures,
and steps to restructure our outstanding debt. I am confident that
our plan is achievable within the next few months, and that will
allow us to shift our focus back to our products. Simply put, we
must contain our ambition and restrict our investments until we are
generating the revenues from both proprietary and partnered
products that will sustain our activities.”
Planned company restructuring
To reach sustainable profitability, the company must focus its
efforts, reducing the number of active projects in research and
development and preparing some for out-licensing. Consequently, a
reduction of the number of employees is envisaged. Depending on the
outcome of a consultation process initiated with employee
representatives at headquarters, approximately 270 positions
globally could become redundant, mainly in Research &
Development and support functions at headquarters. Idorsia’s key
global functions will continue to be headquartered in Allschwil,
Switzerland. The company is committed to minimizing the number of
potential redundancies through natural attrition, retirement,
transfer along with aprocitentan, and other measures. As part of
the ongoing aprocitentan discussions, the company is looking for
ways to mitigate the social impact. The company expects
some employees could potentially be offered the opportunity to
continue to pursue their efforts to make aprocitentan a success
should a final agreement be reached. Upon completion of the
consultation process, Idorsia intends to conclude restructuring by
the end of 2024, with the cost reduction becoming fully effective
by Q2 2025.
Notes to the editor
About aprocitentan
Aprocitentan is Idorsia’s once-daily, orally active, dual
endothelin receptor antagonist, which inhibits the binding of ET-1
to ETA and ETB receptors. On March
19, 2024, aprocitentan was approved as TRYVIO™ in the US. On June
27, 2024, aprocitentan was granted market authorization by the
European Commission as JERAYGO™.
About Idorsia
Idorsia Ltd is reaching out for more – we have more passion for
science, we see more opportunities, and we want to help more
patients.
The purpose of Idorsia is to challenge accepted medical
paradigms, answering the questions that matter most. To achieve
this, we will discover, develop, and commercialize innovative
medicines – either with in-house capabilities or together with
partners – and evolve Idorsia into a leading biopharmaceutical
company, with a strong scientific core.
Headquartered near Basel, Switzerland – a European biotech hub –
Idorsia has an experienced team of dedicated professionals,
covering all disciplines from bench to bedside; QUVIVIQ™
(daridorexant), a different kind of insomnia treatment with the
potential to revolutionize this mounting public health concern;
strong partners to maximize the value of our portfolio; a promising
in-house development pipeline; and a specialized drug discovery
engine focused on small-molecule drugs that can change the
treatment paradigm for many patients.
Idorsia is listed on the SIX Swiss Exchange (ticker symbol:
IDIA).
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
investor.relations@idorsia.com
media.relations@idorsia.com
www.idorsia.com
The above information contains certain “forward-looking
statements”, relating to the company’s business, which can be
identified by the use of forward-looking terminology such as
“estimates”, “believes”, “expects”, “may”, “are expected to”,
“will”, “will continue”, “should”, “would be”, “seeks”, “pending”
or “anticipates” or similar expressions, or by discussions of
strategy, plans or intentions. Such statements include descriptions
of the company’s investment and research and development programs
and anticipated expenditures in connection therewith, descriptions
of new products expected to be introduced by the company and
anticipated customer demand for such products and products in the
company’s existing portfolio. Such statements reflect the current
views of the company with respect to future events and are subject
to certain risks, uncertainties and assumptions. Many factors could
cause the actual results, performance or achievements of the
company to be materially different from any future results,
performances or achievements that may be expressed or implied by
such forward-looking statements. Should one or more of these risks
or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those
described herein as anticipated, believed, estimated or
expected.
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