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.
About Advanz Pharma
Advanz Pharma Corp. is a multinational pharmaceutical company headquartered in London. It changed its name from Concordia Healthcare Corp. in November 2018
ADVANZ PHARMA is a specialty pharmaceutical company with a strategic focus on complex medicines in Europe that is committed to improving the lives of patients by enhancing the critical medicines they depend on. ADVANZ PHARMA is headquartered in London and has commercial affiliates in Europe, North America and Australia, and a Centre of Excellence in Mumbai, India. Furthermore, ADVANZ PHARMA has an established global network of commercial partners throughout the rest of the world.