Zurich (awp) – The Rhine laboratory Santhera announces the exercise by its counterpart and neighbor in difficulty Idorsia of some 220,000 options, at a price of 9.04 Swiss francs per share. Both parties agreed to avoid the use of cash to carry out the transaction, using to do so the differential with the exercise price and the average weighted price of Santhera as of January 9, of 14.26 Swiss francs.
The operation allows Idorsia to retain a 10% share in the capital of Santhera.
Idorsia also assigned rights to Santhera’s flagship treatment, Agamree (vamorolone) against Duchenne muscular dystrophy, to the financial services provider R-Bridge Healtcare Fund, for a payment of $30 million. This agreement will become void once a predefined but undisclosed milestone has been reached in the amount of milestone payments and commissions on sales of this product, Santhera said in a press release on Thursday.
Discovered by the Maryland laboratory Reveragen, vamorolone was until September 2020 the subject of a co-development and co-marketing agreement with Idorsia. The contract with the heir of Actelion was subsequently taken over by Santhera.
-jh/ck
Swiss
