2021-01-05 08:19:34 RYTM Rhythm Pharmaceuticals
01/05/21 01/0508:19 01/05/2108:19 | Rhythm Pharmaceuticals announces sale of Priority Review Voucher for $100MRhythm Pharmaceuticals announced that it has entered into a definitive agreement to sell its Rare Pediatric Disease Priority Review Voucher for $100M. The PRV was granted to Rhythm by the U.S. Food and Drug Administration with the approval of IMCIVREE for chronic weight management in adult and pediatric patients 6 years of age and older with obesity due to proopiomelanocortin, proprotein convertase subtilisin/kexin type 1 or leptin receptor deficiency confirmed by genetic testing. According to the agreement, Rhythm will receive an upfront payment of $100M upon the closing of the transaction, which is subject to customary closing conditions and is expected to occur following expiration of the applicable U.S. antitrust clearance requirements. Jefferies LLC acted as exclusive financial advisor to Rhythm on this transaction. Latham & Watkins LLP acted as legal advisor to Rhythm. The non-dilutive funds expected from this transaction are in addition to the $201.8M in cash, cash equivalents and short-term investments Rhythm reported as of September 30, 2020. |
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