BioAlliance Pharma SA, a company dedicated to the treatment and supportive care of cancer and AIDS patients, announced an exclusive partnership agreement with Therabel Group for the European commercialization rights of Loramyc and Setofilm including France and the associated French commercial structure to a newly established entity, Therabel Hôpital Pharma.
BioAlliance will receive from Therabel up to €48.5 million of which €6.5 million as upfront payments including €4.5 million at signature and two annual payments of €1 million each end of 2011 and end of 2012. Additionally €3 million will be linked to Loramyc reimbursement in three EU countries. The subsequent €33 million are linked to sales performance for the two licensed products. The agreement includes significant royalties on sales commensurate with the two approved products in EU.
The agreement contemplates also an equity investment from Therabel as a strategic partner in BioAlliance for €3 million. This share increase will be subject to shareholders’ approval at the next general assembly meeting on April 22.The BioAlliance shares will be subscribed at €5.89 corresponding to a 15% premium over the last 20 business days. A second investment of €3 million with same 15% premium will be subscribed in 2011 subject to shareholders’ meeting in 2011.
Date: April 6, 2010
Source: BioAlliance Pharma SA
Filed Under: Drug Discovery
