(CercleFinance.com) – Pharnext announced on Monday that it had received a new offer from a ‘top’ 10 global laboratory valuing its drug candidate for Charcot’s disease at more than 500 million euros.
This non-binding offer concerns an exclusive license agreement with a minimum overall valuation (excluding royalties indexed to sales of the future drug) estimated at 510 million euros, compared to more than 250 million for the binding offers previously received.
Important point, according to Pharnext, this new offer provides for a first payment of 10 million euros upon signing an exclusivity agreement then a second payment of 70 million euros in the case of the conclusion of an licensing agreement following the publication of the first results of the pivotal Phase III clinical study, expected by the end of the year.
For Hugo Brugière, who represents the management of Pharnext, this is a real ‘twist’ that the biopharmaceutical company never dared to dream of.
In this context, Pharnext has decided to study this offer and to give the new candidate the time necessary to formulate a binding offer ‘within a reasonable time frame’.
The company plans to communicate on the progress of the file ‘as soon as possible’.
In order to give the company the financial comfort necessary to negotiate the agreement, Pharnext’s financial partners, Néovacs and Global Tech Opportunities 13, have agreed to postpone the deadline of their respective financing agreements until December 2024.
Friday evening, Pharnext announced a fundraising of two million euros via the issue of new Océanes-BSA (OCABSA) subscribed by Global Tech Opportunities 13.
As a reminder, the signing of a possible agreement would make it possible to cover Pharnext’s financing needs and thus put an end to the OCABSA line subscribed by Global Tech Opportunities 13.
Listed on the Paris Stock Exchange, Pharnext shares rose 3% on Monday morning following these announcements.
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