June 11, 2020 / 6:02 AM / 24 days ago

BRIEF-Photocure Enters Into Agreement With Ipsen

June 11 (Reuters) - Photocure ASA:

* PHOTOCURE ENTERS INTO FINAL AGREEMENT TO REGAIN WORLDWIDE RIGHTS OF HEXVIX

* PHOTOCURE AND IPSEN HAVE TODAY ENTERED INTO A FINAL AGREEMENT

* PARTIES HAVE ENTERED INTO A FINAL AGREEMENT WERE PHOTOCURE WILL PAY IPSEN EUR 15 MILLION UPON TRANSFER ON 1 OCTOBER 2020

* BASED ON OUTLOOK AND STRATEGIC OPPORTUNITIES, PHOTOCURE TARGETS GROUP REVENUES FOR 2023 IN RANGE OF NOK 1 BILLION WITH EBITDA MARGINS OF APPROXIMATELY 40%, FOLLOWING COMPLETION OF TRANSACTION

* MARKET CONDITIONS ARE AFFECTED BY COVID-19 VIRUS OUTBREAK

* PHOTOCURE WILL INCUR APPROXIMATELY NOK 30 MILLION IN INTEGRATION AND RAMP-UP COSTS IN 2020

* PHOTOCURE WILL INCUR APPROXIMATELY NOK 90 MILLION IN INCREASED SG&A COSTS IN EUROPE FROM FY 2021 AND BEYOND Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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