Kiniksa Pharmaceuticals Ltd (NASDAQ: KNSA) has announced a global license agreement with Roche Holdings AG (OTC: RHHBY) and Genentech to develop and commercialize vixarelimab, a fully human monoclonal antibody targeting oncostatin M receptor beta.
"The agreement provides an optimal infrastructure for the further development of vixarelimab. We plan to allocate the non-dilutive capital from this transaction towards synergistic opportunities across our portfolio, including expanding our ARCALYST cardiovascular franchise," said Sanj Patel, Chairman and CEO of Kiniksa.
Kiniksa will receive $100 million in upfront and near-term payments and is eligible to receive up to approximately $600 million in milestone payments.
Genentech will focus on the development of vixarelimab in fibrosis.
Kiniksa has completed screening patients for the Phase 2b trial of vixarelimab in prurigo nodularis. The company plans to complete the trial but will no longer disclose data in 2H of 2022.
Kiniksa reported Q2 Arcalyst (heart inflammation drug) sales of $27 million, compared to $7.7 million a year ago.
The company posted a quarterly loss of $(20) million, compared to a net loss of $(41.6) million a year ago.
Kiniksa expects FY22 Arcalyst sales of $115 million - $130 million.
Kiniksa expects cash and cash equivalents of $138.2 million to fund its current operating plan into at least 2025 following the vixarelimab global license agreement with Genentech.
Price Action: KNSA shares are up 8.32% at $10.80 on the last check Wednesday.
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