Biocryst Pharmaceuticals, Inc. has announced the sale of its European Orladeyo (berotralstat) business to Neopharmed Gentili for up to $264 million. The deal involves an upfront payment of $250 million, with an additional $14 million in potential future milestones associated with sales in Central and Eastern Europe. The company plans to use the proceeds to retire all remaining term debt, amounting to $249 million, which will eliminate approximately $70 million of future interest payments.
Following the transaction, Biocryst expects to end 2027 with approximately $700 million in cash and no term debt, representing an increase of $400 million from its prior 2027 net cash guidance. This move is aligned with the company's strategy to make Orladeyo available to patients in Europe and enhance its financial position.
The sale will result in at least $50 million in expected annual operating expense savings to Biocryst, as Neopharmed Gentili will assume responsibility for all royalties related to European sales in the territory. Additionally, European Orladeyo revenues will still be credited to Biocryst in determining global royalty tiers, with no royalty due on global revenues exceeding $550 million.
This strategic development is expected to position Biocryst for sustained profitability and value creation in the coming years, as it plans to leverage the capital generated from the sale to drive sustainable Orladeyo growth, advance its pipeline, and explore potential external opportunities.
The transaction is anticipated to close by early October, providing a significant boost to Biocryst's financial outlook and marking a new phase for Neopharmed Gentili in the international rare disease field. The company's decision to divest its European Orladeyo business underscores its focus on optimizing its operations and maximizing shareholder value. The market has reacted to these announcements by moving the company's shares -4.47% to a price of $9.2285. Check out the company's full 8-K submission here.
