SEATTLE, WA / ACCESSWIRE / July 21, 2020 / Aptevo Therapeutics Inc. (NASDAQ:APVO), a biotechnology company focused on developing novel immuno-oncology therapeutics based on its proprietary ADAPTIR™ bispecific technology platform, has engaged Piper Sandler to sell its RUXIENCE® and IXINITY® royalty streams and milestone payments.
- RUXIENCE royalty stream: As announced on June 25, 2020, Aptevo is entitled to receive low single digit royalty payments from Pfizer Inc. pertaining to the net sales of RUXIENCE in the United States, European Union, and Japan. The royalty term runs for seven years, until early 2027, and payments are due quarterly.
- IXINITY royalty stream and milestone payments: As announced on February 28, 2020, Aptevo is entitled to receive royalty payments from Medexus Pharmaceuticals Inc. pertaining to the net sales of IXINITY in the United States and Canada. The royalty term runs for up to fifteen years, until early 2035, and payments are due quarterly. Additionally, milestone payments totaling up to $11 million may be earned related to certain regulatory and commercial achievements.
"As we announced in conjunction with our sale of IXINITY earlier this year, Aptevo is now a ‘pure play' biotechnology company focused on applying our proprietary ADAPTIR bispecific platform to develop novel antibody-based immunotherapies for the treatment of cancer and other diseases," said Marvin L. White, President and Chief Executive Officer. "Further, we also specified that we will prioritize non-dilutive funding opportunities to strengthen our financial position. Today's announcement is consistent with that strategy."
About RUXIENCE (Rituximab-pvvr)
RUXIENCE is a monoclonal antibody biosimilar to MabThera, also known as RITUXAN, which works by targeting a protein called CD20, which is present on the surface of B lymphocytes, also known as B cells. When it attaches to CD20, rituximab helps destroy these B cells. RUXIENCE is a biosimilar of Biogen's RITUXAN. In the US, RUXIENCE is approved for treatment of Non-Hodgkin's Lymphoma (alone or with other chemotherapy medicines), Chronic Lymphocytic Leukemia (with the chemotherapy medicines fludarabine and cyclophosphamide), and Granulomatosis with Polyangiitis and Microscopic Polyangiitis (with glucocorticoids). The product is also approved for use in Japan and received marketing authorization in the European Union in April 2020. RUXIENCE is a trademark of Pfizer; RITUXAN is a trademark of Biogen.
RUXIENCE was not developed using Aptevo's platform technology.
About IXINITY
IXINITY is an intravenous recombinant factor IX therapeutic for use in patients 12 years of age or older with Hemophilia B - a hereditary bleeding disorder characterized by a deficiency of clotting factor IX in the blood, which is necessary to control bleeding.
IXINITY is trademark of Medexus Pharmaceuticals Inc.
About Aptevo Therapeutics Inc.
Aptevo Therapeutics Inc. is a clinical-stage biotechnology company focused on developing novel immunotherapies for the treatment of cancer. The Company's lead clinical candidate, APVO436, and preclinical candidates, ALG.APV-527 and APVO603, were developed based on the Company's versatile and robust ADAPTIR™ modular protein technology platform. The ADAPTIR platform is capable of generating highly differentiated bispecific antibodies with unique mechanisms of action for the treatment of different types of cancer. For more information, please visit www.aptevotherapeutics.com
Safe Harbor Statement
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact, including, without limitation, statements regarding potential royalty and milestone payments, Aptevo's ability to successfully sell rights to such payments on terms acceptable to Aptevo, Aptevo's outlook, financial performance or financial condition, estimated cash burn, Aptevo's technology and related pipeline, collaboration and partnership opportunities, milestones, and any other statements containing the words "believes," "expects," "anticipates," "intends," "plans," "forecasts," "estimates," "will" and similar expressions are forward-looking statements. These forward-looking statements are based on Aptevo's current intentions, beliefs and expectations regarding future events. Aptevo cannot guarantee that any forward-looking statement will be accurate. Investors should realize that if underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could differ materially from Aptevo's expectations. Investors are, therefore, cautioned not to place undue reliance on any forward-looking statement. Any forward-looking statement speaks only as of the date of this press release, and, except as required by law, Aptevo does not undertake to update any forward-looking statement to reflect new information, events or circumstances.
There are a number of important factors that could cause Aptevo's actual results to differ materially from those indicated by such forward-looking statements, including a deterioration in Aptevo's business or prospects; adverse developments in research and development; adverse developments in the U.S. or global capital markets, credit markets or economies generally; and changes in regulatory, social and political conditions. Additional risks and factors that may affect results are set forth in Aptevo's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, as filed on March 25, 2020 and its subsequent reports on Form 10-Q and current reports on Form 8-K. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from Aptevo's expectations in any forward-looking statement.
CONTACT:
Aptevo Therapeutics
Daphne Taylor
Vice President, Finance
+1 206-859-6629
[email protected]
SOURCE: Aptevo Therapeutics