Ad hoc announcement pursuant to Art. 53 LR
- Idorsia's contribution to the development costs reduced by USD 100 million
- Viatris potential regulatory and sales milestones payments to Idorsia reduced by USD 250 million
Allschwil, Switzerland - February 26, 2025
Idorsia Ltd (SIX: IDIA) today announced that it has reached an agreement with Viatris Inc. (NASDAQ: VTRS) to update the terms of the global development and commercialization collaboration for selatogrel and cenerimod. In exchange for a USD 100 million reduction to Idorsia's contribution to the development costs due in 2025, Idorsia has agreed to a USD 250 million reduction in future potential regulatory and sales milestone payments, and an expansion of territorial rights to Viatris for cenerimod. The agreed royalties on future sales remain unchanged.
About the collaboration agreement
On March 15, 2024, Idorsia entered into a global research and development collaboration with Viatris, for the global development and commercialization rights to selatogrel and cenerimod.
Idorsia received an upfront payment of USD 350 million (CHF 308 million) and is entitled to potential development and regulatory milestone payments, and certain contingent payments of additional sales milestone payments and tiered royalties in the mid-single to low-double digit percentages on annual net sales. Under the updated terms, Idorsia has agreed to a USD 250 million reduction in future potential regulatory and sales milestone payments.
Under the updated terms, Idorsia is contributing up to USD 100 million (reduced from up to USD 200 million) for the development. For the performance of development services, Idorsia contributed a total of USD 73 million in 2024 with the remaining USD 27 million scheduled to be paid in four quarterly installments in 2026.
Under the updated terms, Idorsia will consent to Nxera Pharma assigning to Viatris its development and commercialization rights for cenerimod in Japan, South Korea and certain countries in the Asia-Pacific region.
Notes to the editor
About the agreement between Idorsia and Nxera Pharma
In 2023, Idorsia sold its Asia Pacific (ex-China) operations - including select license rights to products - to Nxera Pharma for a total consideration of CHF 400 million.
The transaction included an option for Nxera Pharma - upon payment of separate option fees - to license cenerimod for the development and commercialization in the territory.
Territory: Australia, Brunei, Cambodia, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, Philippines, Singapore, South Korea, Thailand, Taiwan, and Vietnam.
About Idorsia
Idorsia Ltd is reaching out for more - we have more passion for science, we see more opportunities, and we want to help more patients.
The purpose of Idorsia is to challenge accepted medical paradigms, answering the questions that matter most. To achieve this, we will discover, develop, and commercialize transformative medicines - either with in-house capabilities or together with partners - and evolve Idorsia into a leading biopharmaceutical company, with a strong scientific core.
Headquartered near Basel, Switzerland - a European biotech hub - Idorsia has a highly experienced team of dedicated professionals, covering all disciplines from bench to bedside; QUVIVIQ (daridorexant), a different kind of insomnia treatment with the potential to revolutionize this mounting public health concern; strong partners to maximize the value of our portfolio; a promising in-house development pipeline; and a specialized drug discovery engine focused on small-molecule drugs that can change the treatment paradigm for many patients.
Idorsia is listed on the SIX Swiss Exchange (ticker symbol: IDIA).
For further information, please contact
Investor & Media Relations
Idorsia Pharmaceuticals Ltd, Hegenheimermattweg 91, CH-4123 Allschwil
+41 58 844 10 10
investor.relations@idorsia.com - media.relations@idorsia.com - www.idorsia.com
The above information contains certain "forward-looking statements", relating to the company's business, which can be identified by the use of forward-looking terminology such as "estimates", "believes", "expects", "may", "are expected to", "will", "will continue", "should", "would be", "seeks", "pending" or "anticipates" or similar expressions, or by discussions of strategy, plans or intentions. Such statements include descriptions of the company's investment and research and development programs and anticipated expenditures in connection therewith, descriptions of new products expected to be introduced by the company and anticipated customer demand for such products and products in the company's existing portfolio. Such statements reflect the current views of the company with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performances or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected.
Attachment
- Press Release PDF (https://ml-eu.globenewswire.com/Resource/Download/63de4161-a21b-4201-b60c-a2ce0005b6f4)
