Photocure divests Metvix to Galderma for EUR 51 million
PhotoCure ASA has entered into agreements with Galderma S.A., under which Galderma has purchased global rights, assets, and liabilities related to Metvix and Metvixia, as well as the exclusive right to develop new dermatology products based on Photocure's patented substance, MAL. Photocure intends to invest the proceeds from this transaction into the further development and commercialization of its pipeline of products based on the use of photodynamic therapy.
The agreements are amending the current licence agreement and, among other terms, expand the territory to include the Nordic countries, transfer of all assets related to Metvix®/Aktilite® (Asset Purchase Agreement), expand the field to all dermatology uses (Paid-up License Agreement) and includes a licence to produce MAL. The agreements were concluded 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 to Galderma includes Photocure's Nordic marketing and sales organisation for Metvix® and Aktilite®.
In consideration, Photocure will receive a purchase price of EUR 44 million and additional future payments of EUR 7 million. The timing of the payment of EUR 7 million for rights related to future MAL-based dermatology products will depend on future regulatory approvals in the EU and the US, although payments are guaranteed for EUR 3 million by December 2012 and for EUR 4 million by December 2016, respectively.
The total compensation to Photocure is approximately NOK 450 million. Photocure had previously received milestone and royalty payments of approximately NOK 200 million and a gross profit from product sales of approximately NOK 50 million related to Metvix®/Aktilite®. In comparison, Photocure has over the years made investments of approximately NOK 325 million relating to Metvix®/Aktilite®. The net book value of the rights, assets and liabilities being transferred was NOK 17 million at June 30, 2009.
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