- Strategic partnership with Royalty Pharma plc. enables PTC to strengthen and advance its diversified rare disorders portfolio - - Conference call scheduled for 8:30 am ET -
SOUTH PLAINFIELD, N.J., July 20, 2020 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced an agreement to monetize a portion of the risdiplam royalty stream for $650 million from Royalty Pharma plc. The capital from the collaboration will enable PTC to further develop and expand its innovative rare disorder portfolio, particularly its validated splicing, Bio-e and gene therapy platforms. “The discovery, development and expected commercialization of risdiplam exemplifies PTC’s strengths in novel scientific approaches to diseases with high unmet needs can generate value for the benefit of all of our stakeholders,” said Stuart W. Peltz, Ph.D., Chief Executive Officer of PTC Therapeutics. “Today’s announcement of our strategic partnership with Royalty Pharma brings forward significant, non-dilutive capital to drive further innovation and growth across our robust and diverse rare disorder portfolio.” Under the terms of the royalty purchase agreement, PTC Therapeutics will receive $650 million in upfront cash from Royalty Pharma in return for approximately 43% of the risdiplam royalties, up to a specified amount. PTC Therapeutics maintains the majority of the risdiplam royalty stream and retains all economics associated with up to $400 million in remaining regulatory and sales milestones. Pablo Legorreta, Royalty Pharma’s Founder and Chief Executive Officer, stated, “Risdiplam is consistent with our focus on high value, differentiated therapeutics addressing diseases with high unmet medical need. We recognize the value and importance of an oral therapy for the treatment of all types of SMA. We are delighted to partner with PTC and to help fund their innovative pipeline of treatments for rare diseases.” Wilmer Cutler Pickering Hale and Dorr LLP acted as legal advisor to PTC Therapeutics on the transaction. Goodwin Proctor, Dechert and Maiwald acted as legal advisors to Royalty Pharma. The risdiplam New Drug Application (NDA) for the treatment of Types 1, 2 and 3 spinal muscular atrophy (SMA) is under Priority Review by the U.S Food and Drug Administration, with a PDUFA date of August 24, 2020. A Marketing Authorization Application (MAA) is planned to be submitted to the European Medicines Agency (EMA), as well as filings in other international markets. The risdiplam SMA program is a collaboration between PTC, the SMA Foundation, and Roche. Today’s Conference Call: About Risdiplam About PTC Therapeutics, Inc. For More Information: Media: Forward Looking Statements: PTC’s actual results, performance or achievements could differ materially from those expressed or implied by forward-looking statements it makes as a result of a variety of risks and uncertainties, including those related to: the enrollment, conduct, and results of studies under the SMA collaboration and events during, or as a result of, the studies that could delay or prevent further development under the program, including any potential regulatory submissions and potential commercialization with regards to risdiplam; the eligible patient base and commercial potential of risdiplam or any of PTC’s other product candidates; and the factors discussed in the “Risk Factors” section of PTC’s most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K, as well as any updates to these risk factors filed from time to time in PTC’s other filings with the SEC. You are urged to carefully consider all such factors. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. There are no guarantees that any product or product candidate will receive or maintain regulatory approval in any territory, or prove to be commercially successful, including risdiplam. The forward-looking statements contained herein represent PTC’s views only as of the date of this press release and PTC does not undertake or plan to update or revise any such forward-looking statements to reflect actual results or changes in plans, prospects, assumptions, estimates or projections, or other circumstances occurring after the date of this press release except as required by law.
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Company Codes: NASDAQ-NMS:PTCT |