Photocure - Buying back rights from Ipsen
Photocure has announced that it is in the process of re-acquiring the rights to Hexvix/Cysview in territories where Ipsen is currently marketing the product (primarily the EU). Key terms have been agreed upon and the transition is expected to occur in Q420. The key terms include a payment of €15m (NOK166m at the current exchange rate) from Photocure to Ipsen as well as royalty payments. Photocure expects the re-acquisition to be EBITDA accretive in 2021 and beyond. To fund the payment, Photocure has raised NOK143m in equity through a private placement.Photocure is a Norwegian based specialty pharmaceutical company. Co. develops and commercializes solutions in several disease areas such as bladder cancer, colorectal cancer, HPV and precancerous lesions of the cervix, acne and other dermatologic conditions. Co. has one marketed product that Co. commercializes directly in the U.S. and the Nordic region is Hexvix®/Cysview®, for detection of bladder cancer.
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