Knight Therapeutics to Acquire Regional Rights to Exelon®
MONTREAL, April 23, 2021 (GLOBE NEWSWIRE) -- Knight Therapeutics Inc. (TSX: GUD) ("Knight") a pan-America (ex-USA) specialty pharmaceutical company, today announced that it has entered into a definitive agreement under which Knight will acquire the exclusive rights to manufacture, market and sell Exelon® (rivastigmine Patch, Capsules and Solution) in Canada and Latin America (the "Territory"), as well as an exclusive license to use the intellectual property and the Exelon trademark, from Novartis within the Territory.
Exelon (rivastigmine) is a prescription product that was first approved in 1997 and is currently registered and sold in approximately 90 countries. Exelon is indicated for the symptomatic treatment of mild to moderately severe dementia in people with Alzheimer's disease.
At closing, Knight will pay USD $168 million in cash and an additional milestone payment of up to USD $12 million upon the achievement of certain conditions. Exelon had annual revenues for 2020 of approximately 47 Million US dollars for Canada and Latin America.
"We are excited to add Exelon to our portfolio of specialty CNS products and continue to support this well established and important therapy option in an area of such high unmet need as Alzheimer's", said Samira Sakhia, President and Chief Operating Officer of Knight.
"The acquisition of Exelon leverages Knight's pan-American (ex-US) platform and further validates our Rest-of-world strategy", said Amal Khouri, Chief Business Officer of Knight. "Exelon will be the first product that we will be selling across our entire territory".
The closing of this transaction is subject to anti-trust clearance in Brazil. In conjunction with closing, Knight will enter into a transition service agreement until transfer of marketing authorization, on a country by country basis during which Knight will receive a net profit transfer. Knight will begin distributing Exelon upon transfer of marketing authorization, on a country by country basis.
Conference Call Notice
Knight will host a conference call and audio webcast to discuss the Exelon acquisition today at 8:30 am ET. Knight cordially invites all interested parties to participate in this call.
Date: Friday, April 23, 2021 Time: 8:30 a.m. ET Telephone: Toll Free 888-506-0062 or International 973-528-0011 Webcast: www.gud-knight.com or Webcast This is a listen-only audio webcast. Media Player is required to listen to the broadcast.
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing and commercializing innovative pharmaceutical products for Canada and Latin America. Knight owns Biotoscana Investments S.A., a pan-Latin American specialty pharmaceutical company. Knight Therapeutics Inc.'s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company's web site at www.gud-knight.com or www.sedar.com.
This document contains forward-looking statements for Knight Therapeutics Inc. and its subsidiaries. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Knight Therapeutics Inc. considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared but cautions the reader that these assumptions regarding future events, many of which are beyond the control of Knight Therapeutics Inc. and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations are discussed in Knight Therapeutics Inc.'s Annual Report and in Knight Therapeutics Inc.'s Annual Information Form for the year ended December 31, 2020 as filed on www.sedar.com. Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information or future events, except as required by law.