BioCryst to sell its European ORLADEYO busines to Neopharmed for up to $264M

BioCryst (BCRX) Pharmaceuticals announced that it has entered into a definitive agreement to sell its European ORLADEYO business to Neopharmed Gentili for up to $264 million. BioCryst plans to use the proceeds from the transaction to retire all remaining term debt, $249 million, from Pharmakon, which will eliminate approximately $70 million of future interest payments. Transaction Details: Upon closing, which is expected by early October, Neopharmed Gentili will pay BioCryst $250 million upfront for the European assets and rights related to ORLADEYO, and up to $14 million in future milestones associated with sales in Central and Eastern Europe. Neopharmed Gentili is acquiring BioCryst’s European organization, which will enable commercial continuity for ORLADEYO and result in at least $50 million in expected annual operating expense savings to BioCryst. Neopharmed Gentili will be responsible for all royalties related to European sales in the territory. European ORLADEYO revenues will still be credited to BioCryst in determining global royalty tiers and count towards the cap on the OMERS royalty.