Apellis (APLS) Pharmaceuticals announced a capped royalty purchase agreement with Sobi under which Apellis will receive up to $300 million in exchange for 90% of Apellis’ future ex-U.S. royalties for Aspaveli. Under the companies’ 2020 collaboration agreement, Apellis is eligible for tiered royalties on ex-U.S. sales of Aspaveli ranging from high teens to high twenties. Apellis retains exclusive commercialization rights for systemic pegcetacoplan in the United States, where the product is marketed as EMPAVELI. Under the terms of the agreement, Sobi will acquire 90% of Apellis’ ex-U.S. royalties for Aspaveli for $275 million in cash. Apellis will also be eligible for up to $25 million in milestone payments upon EMA approval of Aspaveli for C3G and IC-MPGN. The agreement is subject to defined caps tied to Aspaveli’s performance. Sobi retains 90% of ex-U.S. royalties until these caps are achieved, after which 100% of all ex-U.S. royalties revert to Apellis.
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