Business & Finance
Pharnext evaluates offers caluing Charcot-Marie-Tooth disease drug candidate at over EUR250m
16 October 2023 -

Pharnext SA (Euronext Growth Paris:ALPHA), an advanced late-clinical stage biopharmaceutical company, revealed on Monday that it has received two offers for its leading drug candidate, PXT3003, with a valuation of more than EUR250m.

PXT3003 is currently in a Phase III clinical trial for Charcot-Marie-Tooth disease type 1A (CMT1A).

One offer involves an exclusive licence agreement for the United States and Europe, while the other concerns the acquisition of all PXT3003 intellectual property and related contracts, excluding China. These agreements offer a minimum of EUR60m in initial payments, with the potential for total revenues ranging from EUR250m to as much as EUR800m, depending on future drug sales.

These potential agreements would complement the existing licensing agreement signed in 2017 with GeneNet, granting commercialisation rights for PXT3003 in CMT1A in Greater China and resulting in a EUR30m investment by Tasly Pharmaceutical (SHA:600535). While the parties involved and financial specifics remain undisclosed, Pharnext aims to finalise an agreement with a potential partner by the end of October.

The signing of these agreements may fulfil Pharnext's financing requirements, potentially ending the OCEANE-BSA financing line subscribed by Global Tech Opportunities 13 (GTO 13). Pharnext has secured additional financing of EUR2.5m from GTO 13 through the issuance of OCEANE-BSA bonds, ensuring short-term financing needs and safeguarding its key asset valuation process.