Retrophin Completes Acquisition of Orphan Technologies
12 Noviembre 2020 - 3:05PM
Retrophin, Inc. (NASDAQ: RTRX) today announced the completion of
its previously announced acquisition of Orphan Technologies
Limited, a privately held, clinical-stage biopharmaceutical company
focused on the development of product candidate OT-58 for the
treatment of classical homocystinuria (HCU). OT-58 is a novel
investigational human enzyme replacement therapy being evaluated in
Phase 1/2 development for the treatment of classical HCU, a rare
metabolic disorder characterized by elevated levels of plasma
homocysteine that can lead to life-threatening thrombotic events
such as stroke and heart attacks, ophthalmologic and skeletal
complications, as well as developmental delay.
“We are excited to begin working with the HCU
community to develop a deeper understanding of how we can continue
to integrate their perspectives into the development of OT-58, and
help address their unmet needs,” said Eric Dube, Ph.D., chief
executive officer of Retrophin. “We look forward to building upon
the promising potential of OT-58 with the goal of developing and
ultimately delivering the first disease modifying therapy for
people living with HCU.”
Under the terms of the agreement, Retrophin made
an upfront payment of $90 million in cash at closing of the
transaction. Orphan Technologies shareholders will remain eligible
to receive up to $427 million in additional cash payments
contingent upon the achievement of key milestones in the
development and commercialization of OT-58. Retrophin will also pay
a tiered mid-single digit royalty on future net sales of OT-58 in
the US and Europe, and potentially make a milestone payment in the
event a rare pediatric disease priority review voucher is
granted.
Barclays acted as financial advisor, and Cooley
LLP acted as legal counsel to Retrophin. Cantor Fitzgerald &
Co. acted as financial advisor, and Hogan Lovells US LLP acted as
legal counsel to Orphan Technologies.
About Classical
Homocystinuria
Classical homocystinuria (HCU) is a rare genetic
metabolic disorder caused by a deficiency in the enzyme
cystathionine beta synthase (CBS). CBS is a pivotal enzyme that is
essential for the management of methionine and cysteine in the
body. Classical HCU leads to toxic levels of homocysteine that can
result in life-threatening thrombotic events such as stroke and
heart attacks, ophthalmologic and skeletal complications, as well
as developmental delay. Current treatment options are limited to
protein-restricted diet and supplemental use of vitamin B6 and
betaine.
About Retrophin
Retrophin is a biopharmaceutical company
specializing in identifying, developing and delivering
life-changing therapies to people living with rare disease. The
Company’s approach centers on its pipeline featuring sparsentan, a
product candidate in late-stage development for focal segmental
glomerulosclerosis (FSGS) and IgA nephropathy (IgAN), rare
disorders characterized by progressive scarring of the kidney often
leading to end-stage renal disease. Research in additional rare
diseases is also underway, including partnerships with leaders in
patient advocacy and government research to identify potential
therapeutics for NGLY1 deficiency and Alagille syndrome, conditions
with no approved treatment options. Retrophin’s R&D efforts are
supported by revenues from the Company’s commercial products
Chenodal®, Cholbam®, Thiola® and Thiola EC®.
Retrophin.com
About Orphan
Technologies
Orphan Technologies is a clinical-stage
biopharmaceutical company focused on the development of OT-58.
OT-58 is an investigational human enzyme replacement therapy being
evaluated in Phase 1/2 development for the treatment of classical
homocystinuria (HCU). HCU is a rare metabolic disorder
characterized by elevated levels of plasma homocysteine that can
lead to life-threatening thrombotic events such as stroke and heart
attacks, ophthalmologic and skeletal complications, as well as
developmental delay.
Forward-Looking Statements
This press release contains "forward-looking
statements" as that term is defined in the Private Securities
Litigation Reform Act of 1995. Without limiting the foregoing,
these statements are often identified by the words "may", "might",
"believes", "thinks", "anticipates", "plans", "expects", "intends"
or similar expressions. In addition, expressions of our strategies,
intentions or plans are also forward-looking statements. Such
forward-looking statements include, but are not limited to,
references related to; the potential impact upon and benefits to
Retrophin from the acquisition of Orphan Technologies; the
potential for OT-58 to ultimately become the first disease
modifying therapy for HCU; and references to the achievement of
future potential development and commercialization milestones for
the OT-58 program, including, without limitation, the potential
future issuance of a rare pediatric disease priority review
voucher. Such forward-looking statements are based on current
information available to Retrophin and involve inherent risks and
uncertainties, including factors that could delay, divert or change
any such forward-looking statements, and could cause actual
outcomes and results to differ materially from current
expectations. No forward-looking statement can be guaranteed.
Retrophin faces risks associated with, but not limited to:
Retrophin’s ability to realize the anticipated benefits of the
proposed transaction, including the potential developmental and
commercial success of the OT-58 product candidate; significant and
unknown transaction costs; actual or contingent liabilities; the
risk of litigation and/or regulatory actions related to the
transaction; other business effects outside of Retrophin’s control,
including the effects of industry, market, economic, political or
regulatory conditions or the ongoing COVID-19 pandemic; as well as
negative impacts that could result from changes in tax and other
laws, regulations, rates and policies. In addition, such risks and
uncertainties may include those described in Retrophin’s annual,
quarterly and current reports (i.e., Form 10-K, Form 10-Q and Form
8-K) as filed or furnished with the Securities and Exchange
Commission, which are available at Retrophin’s website
(www.retrophin.com) under “Investors & Media”. You are
cautioned not to place undue reliance on any forward-looking
statements as there are important factors that could cause actual
results to differ materially from those in any forward-looking
statements, many of which are beyond our control. Except to the
extent required by law, Retrophin undertakes no obligation to
publicly update any forward-looking statement.
Contact:Chris Cline, CFASenior Vice President,
Investor Relations & Corporate
Communications888-969-7879IR@retrophin.com
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