Swedish Orphan Biovitrum AB (publ)

June 30, 2011 02:45 ET

Swedish Orphan Biovitrum: Change in agreement regarding additional purchase consideration for Multiferon®

STOCKHOLM, SWEDEN--(Marketwire - Jun 30, 2011) -

A new agreement has been signed regarding the additional purchase consideration for Multiferon and the hepatitis C clinical study which was included in the agreement with the sellers upon Biovitrum's acquisition of Swedish Orphan 2009.

Under the new agreement the sellers are waiving the requirements of an additional purchase consideration and implementation of the study in exchange for a one-time payment of SEK 25 million. The agreement gives Sobi more flexibility in the future development of Multiferon and an opportunity to study and evaluate other indications in the specialty pharmaceuticals field.

As a result of the new agreement the booked liability for the additional purchase consideration will be resolved and approximately SEK 145 million will be included as a positive non-recurring item in operating income for the second quarter of 2011.

The additional purchase consideration in the 2009 agreement was based on annual future sales of Multiferon exceeding certain threshold values. The additional purchase consideration was calculated at a maximum of SEK 425 million and was to be paid out no later than during the 2018 calendar year.

Regarding the clinical study for Multiferon as second-line treatment for hepatitis C, in July 2010 Sobi communicated its decision not to pursue the study as new and positive clinical data for competing hepatitis C therapies had been presented earlier that year. Discussions have since been carried on with representatives of the former owners regarding the future clinical program for this product.

Multiferon has so far been approved in a number of European countries for two indications - the treatment of high-risk malignant melanoma and second-line treatment of patients who cannot tolerate or who are not responding to treatment with alpha interferon regardless of the underlying disease.

About Swedish Orphan Biovitrum (Sobi)

Sobi is a leading European specialty pharmaceutical company focused on providing and developing specialty pharmaceuticals for patients with rare diseases and significant medical needs. The portfolio comprises about 60 marketed products, as well as projects in late clinical phase. Key therapeutic areas are hematological diseases, autoimmune diseases, hereditary metabolic disorders and therapeutic oncology. In 2010 Sobi had revenues of SEK 1.9 billion and approximately 500 employees. The share (STO: SOBI) is listed on NASDAQ OMX Stockholm. For more information please visitwww.sobi.com

The above information has been made public in accordance with the Swedish Securities Market Act and/or the Financial Instruments Trading Act. The information was released for public distribution on June 30, 2011 at 8.30 CET.

Sobi Press Release June 30, 2011 - pdf format: http://hugin.info/134557/R/1527034/462741.pdf

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Source: Swedish Orphan Biovitrum AB (publ) via Thomson Reuters ONE


Contact Information

  • For additional information, please contact:
    Asa Stenqvist
    VP Communications and Investor Relations
    Tel: +46 8 697 21 88