Xeris Biopharma Holdings (NASDAQ:XERS) Inc has noted that Tetris Pharma - its commercialization partner for Ogluo in the UK, EEA, and Switzerland - is to be acquired by Arecor Therapeutics PLC (AIM:AREC), a UK-based, publicly traded, globally focused biopharmaceutical company.
Contingent upon a successful capital offering by Arecor, under the terms of the proposed acquisition, the UK-based company has agreed to acquire Tetris Pharma and will continue to commercialize Ogluo in the UK and EEA.
"We look forward to working with Arecor as our commercial partner if the proposed acquisition is completed. Arecor is a diversified and well-capitalized company with a key focus on the diabetes space. Having our ready-to-use glucagon, Ogluo, commercialized in the UK and EEA by Arecor would be a very positive step forward in our view," said Paul R. Edick, Xeris' chairman and CEO.
WATCH: Xeris Biopharma addressing unique needs with 3 products in the market and a strong pipeline
"We are working expeditiously with Tetris and Arecor to affect a smooth transition of commercial activities and will continue to support the commercial efforts going forward," he added.
In July 2021, Xeris announced an exclusive agreement with Tetris Pharma for the commercialization of Ogluo in the European Economic Area, United Kingdom, and Switzerland for the treatment of severe hypoglycemia in adults, adolescents, and children aged 2 years and over with diabetes mellitus.
Under the terms of the applicable agreements, Xeris is responsible for product supply and Tetris is responsible for the commercialization of Ogluo in the Territory. Tetris Pharma has, conditional upon completion of the Acquisition, entered into an amendment to its exclusive 16-year minimum term license and supply agreements with Xeris for the sale and distribution of Ogluo in the EEA, UK, and Switzerland.
Under the license, a mid-single-digit royalty on net sales is payable to Xeris over the license period. In addition, further one-off commercial milestone payments are payable to Xeris in the event that net revenues exceed pre-defined targets in any single calendar year.
Gvoke PFS and Gvoke HypoPen (glucagon injection), the first prescription, ready-to-use, pre-mixed, pre-measured glucagon injection, were approved by the FDA in September 2019 for use in the United States. Gvoke is indicated for the treatment of severe hypoglycaemia in pediatric and adult patients with diabetes ages 2 years and above.
Ogluo received a positive opinion from the European Medicines Agency's (EMA) Committee for Medicinal Products for Human Use (CHMP) in December 2020 and the European Commission (EC) granted the marketing authorisation on 11 February 2021. The United Kingdom's Medicines and Healthcare products Regulatory Agency (MHRA) approved Ogluo(TM) (glucagon) injection on April 29, 2021.
Xeris is a biopharmaceutical company developing and commercializing unique therapies for patient populations in endocrinology and neurology. It has three commercially available products: Gvoke, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia; Keveyis, the first and only FDA-approved therapy for primary periodic paralysis; and Recorlev for the treatment of endogenous Cushing's syndrome.
The company also has a robust pipeline of development programs to extend the current marketed products into important new indications and uses and bring new products forward using its proprietary formulation technology platforms, XeriSol and XeriJect, supporting long-term product development and commercial success.
Contact the author at jon.hopkins@proactiveinvestors.com