(RTTNews) - (Amended: Withdraws and recasts the earlier story)
BioLineRx Ltd. (BLRX), a commercial-stage biopharmaceutical company, and Ayrmid Ltd., the parent company of Gamida Cell Ltd (GMDA), have entered into an exclusive license agreement to commercialize APHEXDA.
APHEXDA, developed by BioLineRx, is a hematopoietic stem cell mobilizer indicated in combination with filgrastim (G-CSF) to mobilize hematopoietic stem cells to the peripheral blood for collection and subsequent autologous transplantation in patients with multiple myeloma. The drug was launched last year.
As part of the agreement, Ayrmid has secured an exclusive license from BioLineRx to develop and commercialize APHEXDA across all indications, excluding solid tumor indications, and in all regions, other than Asia. The exclusive license for APHEXDA in the Asia region is held by Gloria Biosciences.
In turn, BioLineRx will receive a $10 million upfront payment and is also eligible to receive up to an additional $87 million of potential commercial milestones, along with royalties between 18% and 23% on net sales of APHEXDA.
As previously mentioned, BioLineRx retains the rights to develop and commercialize APHEXDA in solid tumors, including pancreatic ductal adenocarcinoma, and will continue its development for this indication through significant collaborations. APHEXDA will be added to Ayrmid's commercial portfolio, which already includes Gamida Cell's OMISIRGE, the first and only FDA-approved, nicotinamide (NAM)-modified cell therapy for patients with hematologic malignancies in need of a stem cell transplant. As part of this transaction, Ayrmid expects to transition certain members of BioLineRx's U.S.-based commercial organization, who will support both stem cell transplant drugs.
Through this transaction, BioLineRx is expected to significantly reduce its long-term debt and operational expenses, the details of which will be discussed during the company's upcoming Q3 results conference call and webcast.
BioLineRx also revealed that it has received a $9 million equity investment from certain funds managed by Highbridge Capital Management, LLC to support its pipeline and growth. The equity investment is expected to close today, subject to the fulfilment of customary closing conditions.
BLRX has traded in a range of $0.39 to $1.89 in the last 1 year. The stock closed yesterday's trading at $0.54, up 1.36%. In premarket trading today, BLRX is down over 24% to $0.41.
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