BioCryst Pharmaceuticals has agreed to sell its European Orladeyo business to Neopharmaed Gentili for $264m.
The proceeds of this transaction will retire all $249m of BioCryst's remaining term debt from Pharmakon.
The company now predicts that it will end 2027 with approximately $700 million in cash and no term debt. This represents an increase of $400 million to prior 2027 net cash guidance.
“This transaction is consistent with our strategy of making Orladeyo available to patients in Europe through the team we built, and it now provides the capital to retire our remaining term debt, leaving us with a significantly higher margin business," noted President and CEO of BioCryst, Jon Stonehouse.
"Our increased profitability puts us in an even stronger position to create value well into the next decade through sustainable Orladeyo growth, our pipeline and potential external opportunities,” he added.
The transaction is expected to close in early October, with Neopharmaed paying BioCryst $250m upfront for both the European assets and rights to Orladeyo.
The company will also be entitled to receive future milestone payments associated with sales in Central and Eastern Europe.
“This transaction marks the beginning of a new path for Neopharmed Gentili, projecting the company onto the international stage and rare disease field, leveraging its deep Italian roots and welcoming a successful and experienced European team," noted the company's President and CEO, Alessandro Del Bono.
"This acquisition confirms and further strengthens our long-term growth trajectory, consolidating our position as a leading European specialty pharmaceutical company," he concluded.
