Photocure Enters into Final Agreement to Regain Worldwide Rights of Hexvix

OSLO, Norway, June 11, 2020 /PRNewswire/ -- Reference is made to the OSE notification 27 April 2020 from Photocure ASA (PHO: OSE) regarding the return of Hexvix sales, marketing and distribution rights in Europe and other markets currently controlled by Ipsen Pharma SAS (Ipsen). Photocure and Ipsen have today entered into a final agreement.

"We have entered into a final agreement with Ipsen that will have a transformative impact on Photocure, in line with 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 has a unique understanding of the disease and bladder cancer care. We aim to apply lessons learned in the Nordic region and the U.S. and see significant growth opportunities in Europe and other markets currently not served by Ipsen," says Dan Schneider, President and CEO.

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 announced on 27 April 2020 that the company had agreed terms for an agreement with Ipsen to regain the global commercialization of Hexvix, an extensive commercial opportunity going forward, consistent with the company's pure-play bladder cancer focus and solid track-record from other markets. The parties have today entered into a final agreement in which commercial rights will be officially transferred to Photocure on 1 October 2020.

"To retrieve the rights for developing Hexvix in major markets brings flexibility and expansion at a perfect point in time. There is a considerable and growing interest in the bladder cancer market, as the disease remains the most expensive cancer to treat, and we see significant opportunities ahead, " Schneider concludes.

The parties have entered into a final agreement were Photocure will pay Ipsen EUR 15 million upon transfer on 1 October 2020. Ipsen will book sales up until this date. Ipsen will in addition receive earn-out payments in the range of 10-15% of sales (years 1-7 post-transfer) and 7.5% of sales (years 8-10) in the current Ipsen markets.