The following is an excerpt from a press release from Aptevo Therapeutics. Read the press release in its entirety here.
Aptevo Therapeutics Inc. , a biotechnology company focused on developing novel immuno-oncology therapeutics based on its proprietary ADAPTIR™ bispecific technology platform, announced it has completed the sale of its marketed recombinant factor IX therapeutic, IXINITY® [Coagulation Factor IX (Recombinant)] to Medexus Pharmaceuticals for estimated proceeds in excess of $100 million, including potential milestone and deferred payments.Â
Under the terms of the sale, Medexus acquired the worldwide commercial rights to IXINITY, previously marketed by Aptevo in the United States for use in people 12 years of age or older with hemophilia B. Total proceeds, estimated to exceed $100 million, include an upfront payment of $30 million as well as potential milestone payments totaling up to $11 million related to certain regulatory and commercial achievements. In addition, for up to fifteen years, Aptevo will receive deferred payments on future U.S. and Canadian net sales of IXINITY. These deferred payments are estimated to exceed $60 million based on the most recent Aptevo forecast and will vary based on actual results.Â
“Our divestiture of IXINITY represents a transformative event for Aptevo,” said Marvin L. White, President and Chief Executive Officer. “Firstly, the significant non-dilutive funding provided by this transaction immediately strengthens Aptevo’s financial position. Our cash runway will support our organization into the fourth quarter, through potential upcoming valuation catalysts in 2020. We are today repaying our $20 million debt obligation to MidCap Financial, and, as a result will also eliminate the restriction on $5 million of our cash balance. Secondly, and most importantly, this divestiture transforms Aptevo into a ‘pure play’ biotechnology company sharpening our focus on our promising core technology – our ADAPTIR bispecific platform, a proprietary approach focused on developing novel antibody-based immunotherapies which hold significant promise for the treatment of cancer and other diseases. Going forward, as we execute on a ‘pure-play’ biotech strategy we will continue to prioritize non-dilutive funding opportunities for future capital requirements for the organization.”Â
Recent advances showcased by leading pharmaceutical companies at the latest American Society of Hematology annual meeting demonstrate that bispecific antibody therapies are quickly becoming established as the next wave of promising cancer immunotherapies. Compelling proof-of-concept clinical data were presented that support the potential for bispecific therapies to offer an efficacious but simpler alternative to other T cell-based immunotherapy approaches for cancer treatment.Â
Read the remainder of the press releaseÂ here.Â