BioCryst Sells European ORLADEYO® Business to Neopharmed Gentili for Up to $264 Million

BioCryst Pharmaceuticals, Inc., a biotechnology firm focused on treating rare diseases, has announced the sale of its European division for ORLADEYO® (berotralstat) to Neopharmed Gentili. This transaction is valued at up to $264 million, with Neopharmed Gentili committed to paying an initial $250 million for the European rights and assets of ORLADEYO. Additional milestone payments could reach $14 million, contingent upon sales achievements in Central and Eastern Europe.

This strategic move enables BioCryst to clear its term debt of $249 million, which is expected to save the company approximately $70 million in future interest payments. This financial maneuver significantly enhances BioCryst's cash reserves, projecting around $700 million by the end of 2027, and eliminates its term debt. This figure marks a substantial increase of $400 million from previous estimates for 2027.

BioCryst's CEO, Jon Stonehouse, emphasized the alignment of this transaction with the company's strategy to make ORLADEYO accessible to European patients while strengthening BioCryst's financial position. Stonehouse noted that this sale transforms BioCryst into a more profitable entity, setting the stage for sustained growth through ORLADEYO, its development pipeline, and potential external opportunities well into the next decade.

For Neopharmed Gentili, a pharmaceutical company rooted in Italy, this acquisition represents a significant expansion into the international market and the rare disease sector. CEO Alessandro Del Bono highlighted the transaction as a vital step in reinforcing Neopharmed Gentili’s growth trajectory, fortifying its stature as a leading European specialty pharmaceutical company. Del Bono emphasized the value of integrating BioCryst's experienced European team, which will bolster Neopharmed Gentili's international presence.

The acquisition is expected to be finalized by early October, at which point Neopharmed Gentili will assume responsibility for the European sales royalties related to ORLADEYO. BioCryst will still receive credits for European revenues when calculating global royalty tiers, although no royalties will be due on global revenues exceeding $550 million.

This acquisition also promises considerable annual operational cost savings for BioCryst, estimated at $50 million. Neopharmed Gentili takes over BioCryst's European organization, ensuring commercial continuity for ORLADEYO across Europe.

Financial and legal advisories for this transaction were managed by BofA Securities, Inc. and TD Cowen for BioCryst, and Centerview Partners UK LLP and White & Case LLP for Neopharmed Gentili.

BioCryst Pharmaceuticals is recognized for its commitment to developing novel treatments for hereditary angioedema and other rare diseases, leveraging its expertise in drug design to create innovative oral therapies. ORLADEYO®, its flagship product, is the first oral, once-daily inhibitor of plasma kallikrein, marking a significant advancement in hereditary angioedema treatment. BioCryst continues to push forward its pipeline of small-molecule and protein therapies aimed at tackling challenging diseases.

Neopharmed Gentili, with roots in Italy, is distinguished by its expertise in mergers and acquisitions and licensing, especially with multinational partners. The company is driven by research, responsibility, and care, aiming to enhance the quality of life for patients and caregivers through ethical and scientifically precise solutions. Neopharmed Gentili is committed to offering therapies with high therapeutic value, ensuring long and healthy lives for the people it serves.