Photocure Regains Worldwide Rights of Hexvix

- Photocure has reached an agreement with Ipsen to regain rights for the sales and marketing of Hexvix in Europe

- The transaction is expected to be EBITDA accretive from FY 2021

- Ipsen achieved Hexvix 2019 sales of EUR 18.7 million and Photocure sees significant growth opportunities in Europe

OSLO, Norway, April 27, 2020 /PRNewswire/ -- Photocure ASA (Photocure, PHO: OSE) has reached an agreement with Ipsen Pharma SAS (Ipsen) on key terms for the return of Hexvix sales, marketing and distribution rights in Europe and other markets currently controlled by Ipsen. With taking direct control over Photocure's own Hexvix/Cysview product in key regions, the company supports the ambition of becoming a global leader in bladder cancer with a solid basis for expansion and further growth opportunities. Following a final agreement, Photocure will commence the Hexvix commercialization in Europe from the fourth quarter of 2020 and expects the potential Ipsen agreement to be EBITDA accretive from full-year 2021 and beyond. 

"We have agreed terms with Ipsen for a transformative agreement in our strategy of building a strong and profitable global business within the diagnosis and treatment of bladder cancer. We have built a successful commercial organization for Hexvix/Cysview in the U.S. and the Nordics, with a solid underlying growth potential post the COVID-19 situation. Photocure aims to apply lessons learned in Nordic and U.S. and sees significant growth opportunities in Europe and other markets currently not served by Ipsen," says Dan Schneider, President and CEO, and continues:

"The agreement will provide a platform for growth when returning to normal market conditions and we see the terms as financially highly attractive. The agreement is expected to be EBITDA accretive from full-year 2021 and beyond. Photocure sees major opportunities in Europe for accelerated growth and expansion going forward."

Photocure entered into a global commercialization agreement with Ipsen in 2011 for the sales, marketing and distribution of Hexvix outside the Nordic region and the U.S. Ipsen has served as strategic partner and has built a solid position for the brand in select key European markets. Photocure today announces that the company has agreed terms for an agreement with Ipsen to regain the global commercialization of Hexvix following the company's pure-play bladder cancer focus, solid track-record from other markets and a commercial opportunity provided by Ipsen's strategic priorities going forward.