Pharnext announced on Monday that it had received a new offer from one of the world's top 10 pharmaceutical companies, valuing its drug candidate for Charcot disease at over 500 million euros.

This non-binding offer concerns an exclusive licensing agreement with a global valuation floor (excluding royalties indexed to future drug sales) estimated at 510 million euros, compared with over 250 million euros for the binding offers previously received.

Importantly, according to Pharnext, this new offer provides for an initial payment of 10 million euros on signature of an exclusivity agreement, followed by a second payment of 70 million euros in the event of conclusion of a licensing agreement following publication of the first results of the pivotal Phase III clinical study, expected by the end of the year.

For Hugo Brugière, who represents Pharnext's management team, this is a real "coup de théâtre" that the biopharmaceutical company never dared to dream of.

In this context, Pharnext has decided to study this offer and to give the new candidate the time necessary to formulate a binding offer 'within a reasonable timeframe'.

The company plans to communicate on the progress of the dossier 'as soon as possible'.

In order to give the company the financial comfort necessary to negotiate the agreement, Pharnext's financial partners, Néovacs and Global Tech Opportunities 13, have agreed to extend the expiry date of their respective financing agreements to December 2024.

On Friday evening, Pharnext announced that it had raised two million euros through the issue of new Océanes-BSA (OCABSA) subscribed by Global Tech Opportunities 13.

As a reminder, the signature of a possible agreement would enable Pharnext to cover its financing needs and thus terminate the OCABSA line subscribed by Global Tech Opportunities 13.

Listed on the Paris Bourse, Pharnext shares rose by 3% on Monday morning following these announcements.

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