Sobi amends its agreement with sellers of Arexis AB
(Thomson Reuters ONE) -
Sobi has amended its share purchase agreement regarding the acquisition in 2005
of the pharmaceutical company Arexis AB, which included a number of development
programs.
According to the amended agreement, Sobi will not have any remaining development
obligations towards the sellers. In addition, Sobi will make a payment to remove
all future milestone obligations for the Kiobrina program.
Under the amended agreement, Sobi will pay the sellers a total of SEK 77 M, of
which SEK 43 M relates to the future milestone obligations for the Kiobrina
program. Sobi will pay SEK 36 M at signing of the amended agreement, SEK 20 M in
2013, and SEK 21 M in 2014.
The payment of SEK 43 M referring to the milestones for Kiobrina will be
included in intangible assets in Sobi's balance sheet. An amount of SEK 34 M
will be charged against operating income as a non-recurring item in the first
quarter of 2012.
As stated in Sobi's annual and quarterly reports, the sellers of Arexis had
initiated arbitration as well as an expert determination procedure regarding
their claims, and both proceedings will now be withdrawn avoiding a prolonged
and expensive legal process.
Kiobrina is a recombinant human bile salt stimulated lipase (rhBSSL) in phase
III development as an enzyme replacement therapy to improve growth in preterm
infants who receive pasteurized breast milk or infant formula.
For further information, please contact:
Åsa Stenqvist, Head of Communications
Tel.: +46 8 697 21 88
Swedish Orphan Biovitrum (Sobi)
Sobi is a leading integrated biopharmaceutical company dedicated to bringing
innovative therapies and services to improve the health of rare disease patients
and their families. The product portfolio comprises about 45 marketed products
as well as projects in the late clinical phase. Key therapeutic areas are
Inflammation and Genetics & Metabolism. In 2011, Sobi had revenues of SEK 1.9
billion and around 500 employees. The share (STO: SOBI) is listed on NASDAQ OMX
Stockholm. More information is available at www.sobi.com.
The information above has been published pursuant to the Swedish Securities
Market Act and/or the Financial Instruments Trading Act. The information was
released for public distribution on 30 March 2012 at 08.30 CET.
Sobi press release March 30, 2012 in pdf version:
http://hugin.info/134557/R/1598620/504153.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Swedish Orphan Biovitrum AB (publ) via Thomson Reuters ONE
[HUG#1598620]
Unternehmensinformation / Kurzprofil:
Datum: 30.03.2012 - 08:32 Uhr
Sprache: Deutsch
News-ID 130285
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