April 27, 2020 / 3:07 PM / a month ago

BRIEF-Photocure In Agreement With Ipsen To Regain Rights For Sales And Marketing Of Hexvix® In Europe

April 27 (Reuters) - Photocure ASA:

* PHOTOCURE REGAINS WORLDWIDE RIGHTS OF HEXVIX

* HAS REACHED AN AGREEMENT WITH IPSEN TO REGAIN RIGHTS FOR SALES AND MARKETING OF HEXVIX(®) IN EUROPE

* TRANSACTION IS EXPECTED TO BE EBITDA ACCRETIVE FROM FY 2021

* IPSEN ACHIEVED HEXVIX 2019 SALES OF EUR 18.7 MILLION AND PHOTOCURE SEES SIGNIFICANT GROWTH OPPORTUNITIES IN EUROPE

* WILL COMMENCE HEXVIX COMMERCIALIZATION IN EUROPE FROM Q4 OF 2020

* WILL, BY Q4 OF 2020, PAY IPSEN EUR 15 MILLION

* IPSEN WILL IN ADDITION RECEIVE EARN-OUT PAYMENTS IN RANGE OF 10-15% OF SALES (YEARS 1-7 POST-TERMINATION) AND 7.5% OF SALES (YEARS 8-10) IN CURRENT IPSEN MARKETS

* FOLLOWING POTENTIAL TRANSFER OF RIGHTS FOR IPSEN TERRITORIES TO PHOTOCURE, REVENUE RECOGNIZED BY PHOTOCURE IS EXPECTED TO INCREASE AROUND 3X TO 2021 COMPARED TO 2019

* IS TARGETING 20-30% ANNUAL REVENUE GROWTH IN CURRENT IPSEN TERRITORIES

* AIMS TO INCREASES GROUP REVENUE AMBITIONS FOR 2023 IN RANGE OF NOK 1 BILLION WITH EBITDA MARGINS OF APPROXIMATELY 40%, FOLLOWING COMPLETION OF POTENTIAL DEAL Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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