• Pharming will take control of commercial rights to its product RUCONEST® in all 36 remaining countries
• Pharming will pay a total of €7.5 million in two tranches for a smooth transition of the existing activity and to terminate the license early
• The transaction will be accretive to earnings immediately
Leiden, the Netherlands – 30 December 2019
Pharming Group N.V. (Euronext Amsterdam: PHARM) today announced it has entered into a definitive agreement with Swedish Orphan Biovitrum AB (publ) (“Sobi”) to reacquire the commercial rights to Pharming’s product, RUCONEST®, in all remaining territories, which includes all remaining EU markets. Under the agreement, the license is being terminated with effect from 1 January 2020 in all 36 countries with a smooth handover planned in the countries where Sobi has sales activities. Pharming will pay Sobi €7.5 million in two tranches.
Following the strategic decision to reaquire the North American commercial rights for RUCONEST® in December 2016 from its licensee Valeant Pharmaceuticals International (now “Bausch Health”), Pharming has increased US sales significantly. It is anticipated that, while not of the same commercial scale as the US, a growth increase in the additional 36 territories can be expected. The transaction will be accretive to earnings immediately.
RUCONEST® has been licensed for a total of 60 different countries in this region since 2010, and was launched in a number of these countries. Commercialization rights for RUCONEST® in 24 of the 60 countries have been returned to Pharming in previous years.
In order to ensure that existing RUCONEST® patients can continue to receive their therapy, Pharming will be cooperating with Sobi to replace all contracts for distribution and other services as quickly as possible, and to transfer existing reimbursement approvals where possible. While Pharming will be responsible for the distribution of RUCONEST® in the 36 reaquired territories from the 1 January 2020, it may be some time before all activities and full control have been transferred. No personnel will be transferring between the two companies.