Recordati announced on 4 October 2024 an agreement with Sanofi for the acquisition of the global rights to Enjaymo® (sutimlimab), a biological drug which is the only approved targeted product for the treatment of cold agglutinin disease (Cad), a rare lymphoproliferative disease of B cells. As explained by Recordati «Enjaymo® (sutimlimab) is a humanized monoclonal antibody indicated for the treatment of hemolysis in adults with Cad. In 2022 it obtained approval from the US Food and Drug Administration (FDA), the European Commission (EC) and the Japanese Ministry of Health, Labor and Welfare. Administered as a chronic intravenous treatment, Enjaymo® addresses an important unmet medical need in patients with CAD.”
[Se non vuoi perdere tutte le novità iscriviti gratis alla newsletter di FarmaciaVirtuale.it. Arriva nella tua casella email alle 7 del mattino. Apri questo link]
Profitability higher than the current average of the rare diseases segment
As for the financial results, Recordati highlighted that «Enjaymo® generated revenues of approximately 100 million euros in the last twelve months up to August 2024 and is expected to generate revenues exceeding 150 million euros in 2025, with a potential peak in sales annual totals of 250-300 million euros, more than double current levels. Subject to the closing date of the transaction, Recordati expects a minimum revenue contribution in 2024. The transaction is expected to be immediately accretive at EBITDA level, with profitability above the current average of the rare disease segment starting from 2025.” .
Operation financed with existing liquidity and bank financing
With reference to the details of the agreement «Recordati will make an up-front payment of US$ 825 million and additional payments linked to commercial milestones of up to US$ 250 million, if net revenues reach certain thresholds at or above peak expectations of total annual sales. The transaction is expected to close by the end of 2024, subject to regulatory approvals.” Therefore «the operation will be financed with existing liquidity and new bank loans already defined. Net debt is expected to be approximately 2.4 – 2.5x Ebitda (pro forma) at the end of 2024, reducing to less than 2.0x Ebitda at the end of 2025, assuming no further business development operations. The Group’s dividend and capital allocation policy remains unchanged.”
Operation consistent with the Recordati strategy
Rob Koremans, CEO of Recordati, underlined that «this operation is consistent with our strategy, reaffirms our commitment to the rare disease segment and is complementary to our oncology portfolio, in particular with Sylvant®. Enjaymo® further expands our presence in the rare disease segment in the United States, Japan and Europe, and will positively contribute to both our revenues and earnings. Above all, given the strong clinical profile and being the only product approved for the treatment of CAD, Enjaymo® responds to an important unmet medical need for patients suffering from this debilitating disease.”
