Strongbridge Biopharma announced the company has entered into an agreement for Novo Nordisk to acquire the rights to Macrilen (macimorelin) in the United States and Canada. Macrilen is the first and only FDA-approved oral drug indicated for the diagnosis of adult growth hormone deficiency (AGHD).
Subscribe to our e-Newsletters
Stay up to date with the latest news, articles, and events. Plus, get special offers
from American Pharmaceutical Review – all delivered right to your inbox! Sign up now!
“We are proud to enter into this Macrilen agreement with Novo Nordisk, a global leader in endocrinology, as it aligns with our strategic objective to maximize the potential of Macrilen while we continue to prepare for the potential regulatory approval of Recorlev (levoketoconazole),” said Matthew Pauls, president and chief executive officer of Strongbridge Biopharma. “The upfront payment and equity investment from Novo Nordisk will significantly strengthen the Company’s overall financial position and marks a tremendous step forward in Strongbridge’s continued evolution as a company dedicated to rare diseases.”
Terms of the agreement include:
- Strongbridge will receive an upfront payment of $145 million from Novo Nordisk for the U.S. and Canadian rights to Macrilen
- Strongbridge will receive tiered royalties related to the sales of MACRILEN through 2027
- Novo Nordisk will leverage and fund Strongbridge’s rare endocrine commercial field organization for MACRILEN for up to three years
In addition, Novo Nordisk will purchase approximately 5,242,000 ordinary shares of Stronbridge Biopharma plc at a purchase price of $7.00 per share, representing a premium to the most recent market close share price. This investment will result in gross proceeds of $36.7 million to Strongbridge.
These transactions are expected to close in December 2018. MTS Securities served as Strongbridge’s transaction advisor.