Photocure divests Metvix® to Galderma for EUR 51 million
(Thomson Reuters ONE) - (Oslo, Norway October 1, 2009) Photocure ASA has entered intoagreements with Galderma S.A., under which Galderma has purchasedglobal rights, assets, and liabilities related to Metvix andMetvixia, as well as the exclusive right to develop new dermatologyproducts based on Photocure's patented substance, MAL. Photocureintends to invest the proceeds from this transaction into the furtherdevelopment and commercialization of its pipeline of products basedon the use of photodynamic therapy.The agreements are amending the current licence agreement and, amongother terms, expand the territory to include the Nordic countries,transfer of all assets related to Metvix®/Aktilite® (Asset PurchaseAgreement), expand the field to all dermatology uses (Paid-up LicenseAgreement) and includes a licence to produce MAL. The agreements wereconcluded and the transaction executed effective as of September 30,2009, as of when Galderma will retain all rights to Metvix®/Aktilite®worldwide. The transfer of rights, assets and liabilities toGalderma includes Photocure's Nordic marketing and sales organisationfor Metvix® and Aktilite®.In consideration, Photocure will receive a purchase price of EUR 44million and additional future payments of EUR 7 million. The timingof the payment of EUR 7 million for rights related to futureMAL-based dermatology products will depend on future regulatoryapprovals in the EU and the US, although payments are guaranteed forEUR 3 million by December 2012 and for EUR 4 million by December2016, respectively.The total compensation to Photocure is approximately NOK 450 million.Photocure had previously received milestone and royalty payments ofapproximately NOK 200 million and a gross profit from product salesof approximately NOK 50 million related to Metvix®/Aktilite®. Incomparison, Photocure has over the years made investments ofapproximately NOK 325 million relating to Metvix®/Aktilite®. The netbook value of the rights, assets and liabilities being transferredwas NOK 17 million at June 30, 2009.Metvix was the first PDT product developed and commercialised byPhotocure, and it generated a strong return on the company'sinvestment. Photocure will continue to further develop itsVisonac(TM) product for the treatment of acne. Acne is a large andgrowing disease area with estimated 1.7 billion USD of sales.Combined with other possible product opportunities, Visonac(TM) isexpected to provide Photocure with a strong platform in this market.Photocure remains committed to the PDT technology, and will focus ondevelopment, in-licensing and commercialisation of other PDTproducts.Photocure and Galderma have agreed that in territories wherePhotocure choose to use a license or distribution partner forVisonac(TM), Galderma has, as part of the agreement, the first rightof refusal for Visonac(TM) on certain conditions. The right is validafter Photocure has completed the first phase 3 study.Photocure also remains committed to the further development of itscancer portfolio, including commercially available Hexvix® fordetection of bladder cancer, and the pipeline products CeviraTM fortreatment of cervical cancer and LumacanTM for detection of coloncancer. As opposed to the strategy for dermatology products, thecompany's ambition is to get licensing agreements for the two latterproducts before proceeding beyond phase 2 studies.No agreements for the benefit of Photocure's board of directors,executive management or leading employees in the Metvix®/Aktilite®business have been or are planned entered into in connection with thetransaction.The divested products, consisting of the Metvix® cream and theAktilite® light source, was first approved in EU in 2001 andinternationally launched by Galderma in 2003. Metvix® is a topicalcream that is applied on the skin for 3 hours. Then the deseased areais exposed to uniform red light of 633 nm wavelength from Aktilite®for approximately 10 minutes which destroys cancerous cells.Metvix®/Aktilite® is now approved for treatment of BCC (basal cellcarcinoma, non-malignant skin cancer) and AK (actinic keratosis,pre-cancerous skin lesions) in over 30 countries, including the EU,Australia, New Zealand and Brazil. Metvix®/Aktilite® were recentlyalso recognized for treatment of Bowen's disease in 22 Europeancountries. In the US, Metvix®/Aktilite® were approved for AK in 2008.The transfer of rights, assets and liabilities to Galderma includesPhotocure's Nordic marketing and sales organisation for Metvix® andAktilite®, which comprises 10 employees in Norway, Denmark, Swedenand Finland. The employees have been informed that the responsibilityfor their employment contracts will be transferred to Galderma. Salesoutside of the Nordic region were already out-licensed to Galderma.Following the divestment of Metvix/Aktilite, Photocure will focus itsdermatology activities on the development and commercialisation ofVisonac(TM) and in-licensing of other products to establish a strongcommercial platform with PDT based technology.As described above, Photocure will deploy the proceeds from thedivestment into the development and commercialisation of new productsand markets. The company had a net cash position of NOK 151 millionat 30 June, 2009, and will after the transaction have funding forboth the current development program and to evaluate newopportunities.Please see the attached appendix for information from Photocure onthe financial and strategic implications of the transaction.For further information, contact:President and CEO Kjetil HestdalE-mail: kh(at)photocure.noMobile: +47 913 19 535Office: +47 22 06 22 10CFO Christian FeketeE-mail: cf(at)photocure.noMobile: +47 916 42 938Office: +47 22 06 22 10About Photocure:Photocure is a Norwegian pharmaceutical company listed on the OsloStock Exchange (OSE: PHO). The company develops and sellspharmaceuticals and medical devices for the photodynamic treatmentand diagnosis of cancer and selected dermatology indications.Photocure's commercial activities includes own marketing and sales inselected markets as well as out-licensing to leading pharmaceuticalcompanies on a regional or global basis prior to phase III.Photocure has one proprietary pharmaceutical product on the market:Hexvix®, for the diagnosis of bladder cancer. Hexvix is approved inEU and under priority review by FDA in the US. In addition, thecompany has developed a proprietary light source, which is used incombination with the Visonac(TM) cream. Through worldwide studies,Photocure is continuously testing its products for new indications,and the aim is to develop a pipeline of follow-on products based onthe Photocure Technology(TM) platform.For more information about Photocure, visit our website atwww.photocure.com.http://hugin.info/131151/R/1345171/322827.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 01.10.2009 - 11:24 Uhr
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