Mithra FIRST LOOK : Canadian Partnership for Donesta with Searchlight Signed
Following a binding term sheet in July 2023, Mithra now translates its Canadian partnership for Donesta with Searchlight Pharma into a definitive agreement. The € 17.05m deal value is relatively back-loaded with € 1.5m upfront and € 15.55m regulatory and commercial milestones, plus tiered double-digit royalties on sales. We re-iterate our € 2.2 TP and Hold rating.Mithra Pharmaceuticals SA is a Belgium-based company active in the pharmaceutical industry. The Company is dedicated to provide products and services for the fertility, contraception and menopause of women. It has a number of patent families regarding Estetrol (E4), a natural estrogen produced by the human foetus, which enables the investigation of fertility and contraception products. Mithra is focused on the development of two late-stage E4-based products: Estelle, a 5th generation oral contraceptive, and Donesta, a hormone therapy for Vasomotor Symptoms in menopause. Mithra develops a contraceptive vaginal ring called Myring and Zoreline, a biodegradable subcutaneous implant for hormone dependant cancer.
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