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Advanz Pharma has signed an agreement with Intercept Pharmaceuticals to acquire most of the its subsidiaries and non-US operations.
UK-headquartered pharma company, Advanz Pharma, has announced in a May 5, 2022 press release that it has signed an agreement with US biopharma company, Intercept Pharmaceuticals, to acquire most of the company’s subsidiaries and non-US operations.
According to the press release, through the agreement, Advanz Pharma will acquire Intercept’s operations in Europe, Canada, and all other non-US markets, and will include the ex-US rights for the commercialization of Ocaliva (obeticholic acid)—an orphan drug for the treatment of primary biliary cholangitis (PBC). Additionally, as per the terms of the agreement Advanz Pharma will gain the rights to commercialize obeticholic acid in non-alcoholic steatohepatitis (outside of the United States), in exchange for royalty payments on any future net sales.
“This acquisition is transformational for Advanz Pharma,” said Steffen Wagner, CEO at Advanz Pharma, in the press release. “Acquiring this high-quality rare disease business outside of the US grows our position as a partner of choice for specialty and hospital pharmaceuticals in Europe, and we are thrilled to welcome Intercept’s dedicated and experienced team, which will bring additional capabilities to us for the benefit of patients.”
“We look forward to building on this transaction as we continue to strengthen our platform for future acquisitions and in-licensing agreements to drive growth, especially in the areas of gastroenterology and hepatology as well as more broadly in rare diseases,” added Susanna El-Armale, chief corporate development officer at Advanz Pharma, in the press release.
Under the financial terms of the agreement, Advanz Pharma is expected to pay Intercept and upfront consideration of $405 million, in addition to $45 million as contingency once an extension of pediatric orphan exclusivity is received in Europe.
Source: Advanz Pharma