Poxel Announces Agreement with OrbiMed to Monetize a portion of TWYMEEG® Royalties for USD 50 million [Yahoo! Finance]
SUMITOMO CHEM UNSP/ADR (SOMMY)
NASDAQ:AMEX Investor Relations:
sumitomo-chem.co.jp/english/ir
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Source: Yahoo! Finance
In return OrbiMed to obtain the royalties received by Poxel from sales by Sumitomo Pharma of TWYMEEG ® in Japan for a total amount of USD 100 million Rights to royalty payments returned to Poxel once OrbiMed receives an aggregate payment of USD 100 million Proceeds from the OrbiMed's bonds issuance will be used to (i) reduce the Company's debt towards IPF Partners and the PGE banks, after amendment of the loan agreements, to a total remaining amount of EUR 15,3 million and (ii) to support its strategic plan in rare diseases, while pursuing partnership discussions for its products Return of Imeglimin rights for countries covered by the agreement with Sumitomo Pharma other than Japan , as Sumitomo Pharma intends to focus its efforts on TWYMEEG ® commercialization in its domestic market, Japan Ongoing partnering discussions to develop and market Imeglimin in China, the world's second-largest type 2 diabetes market Cash runway extension until end of 2025 including the full resi
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