Idorsia surges 14% after securing $350M from Viatris in an R&D pact
Investing.com | Author Vahid Karaahmetovic
Published Feb 28, 2024 08:08AM ET
Idorsia (IDRSF) surges 14% after securing $350M from Viatris (VTRS) in an R&D pact
Shares of Idorsia (IDRSF) jumped more than 14% in Zurich trading on Wednesday following the announcement of a $350 million research and development (R&D) pact with Viatris Inc (NASDAQ:VTRS).
VTRS fell more than 2% in US premarket trading.
Per the press release, Viatris is set to enhance its portfolio of branded medications through the acquisition of licensing rights for two promising late-stage drugs from Idorsia, targeting acute myocardial infarction (AMI) and systemic lupus erythematosus (SLE).
The company believes these drugs have the potential to achieve blockbuster status, with sales exceeding $1 billion each.
Under the agreement, Viatris will pay Idorsia $350 million upfront for the rights to the (acute myocardial infarction) AMI treatment selatogrel and the SLE drug cenerimod.
At the JPM Healthcare conference in January, Idorsia CEO Jean-Paul Clozel showcased phase 2 results for selatogrel, a platelet aggregation inhibitor he said has the potential to revolutionize AMI treatments.
Highlighted as a breakthrough, selatogrel could enable patients to self-administer at the first signs of a heart attack, potentially improving outcomes.
Meanwhile, cenerimod, aimed at treating systemic lupus erythematosus (SLE), is undergoing two phase 3 trials, OPUS-1 and OPUS-2. These studies assess cenerimod's efficacy over placebo alongside standard therapy in 800 patients with moderate to severe SLE, showing promising tolerance and reduced disease activity, especially in severe cases.
Viatris and Idorsia have committed to jointly fund these developments, with Idorsia contributing $200 million over three years to advance these potential treatments to market.
“I’m delighted that with Viatris we have found a strong partner to secure and accelerate the development programs for both selatogrel and cenerimod by leveraging the strength of Viatris’ global infrastructure,” said Jean-Paul Clozel, MD and CEO of Idorsia.
“This global collaboration allows us to share the costs of the ongoing Phase 3 programs whilst retaining long-term shareholder value, by sharing the rewards for success through the milestones and royalties.”
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