Market Overview

Vifor Pharma Licenses Marketing Rights to ChemoCentryx's CCX168 in Europe, Canada, Mexico, Central and S. America, S. Korea; ChemoCentryx to Receive Upfront Payment of $60M, Equity Investment of $25M @$7.50/Share

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Vifor Pharma, a company of the Galenica Group, and ChemoCentryx, Inc. (Nasdaq: CCXI) announced today that Vifor Pharma has licensed rights to commercialize CCX168, a Complement 5a Receptor (C5aR) inhibitor ready for Phase 3
development for orphan and rare renal diseases, in Europe, Canada, Mexico, Central and South
America and South Korea.

CCX168 is being developed by ChemoCentryx for the treatment of conditions including but not limited to anti-neutrophil cytoplasmic antibody (ANCA)-associated vasculitis (AAV) and has obtained orphan drug status in the US and Europe. This disease affects approximately 40,000 people in the US, with around 4,000 new cases identified each year, and more than 75,000 people in Europe, with at least 7,500 new cases each year. It is currently treated with courses of non-specific immuno-suppressants (cyclophosphamide or rituximab), combined with high-dose corticosteroid administration.

A Phase 3 study of CCX168 in the treatment of AAV is expected to begin later this year. CCX168 is also in development for other orphan and rare renal diseases, including atypical hemolytic uremic syndrome (aHUS) and immunoglobulin A nephropathy, or IgA nephropathy.

Under the terms of the agreement, ChemoCentryx will receive an upfront payment of USD 60 million in cash and a USD 25 million equity investment to purchase ChemoCentryx common stock at a price of USD 7.50 per share. ChemoCentryx will be eligible to receive additional payments on the achievement of certain regulatory and sales-based milestones, as well as tiered double-digit royalties on net sales of CCX168 in the licensed territories. The agreement is the first step of a potentially larger kidney health alliance as it also provides Vifor Pharma with an exclusive option to negotiate a
worldwide license agreement for CCX140, ChemoCentryx's orally-administered inhibitor of the chemokine receptor known as CCR2.

Posted-In: M&A News Press Releases

 

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