Lexicon Pharmaceuticals Completes the Sale of XERMELO to TerSera Therapeutics
September 08 2020 - 4:05PM
Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) announced today the
completion of the sale of Lexicon’s rights, title and interest in
XERMELO
® (telotristat ethyl) to TerSera
Therapeutics LLC.
Lexicon received $160.4 million in cash at
closing, comprised of a $155 million upfront payment and additional
payments for inventory and other closing considerations.
Lexicon may receive additional milestone payments of up to an
aggregate of $65 million for the development and commercialization
of telotristat ethyl in patients with biliary tract cancer.
Additionally, Lexicon will be eligible to receive mid-teens
royalties on net sales of XERMELO in biliary tract cancer. In
connection with the transaction, TerSera offered employment to 28
Lexicon employees. Lexicon plans to realign its business
around its research and development assets, with a focus on its
LX9211 neuropathic pain program, now in Phase 2 clinical
development, while substantially reducing its debt by fully
repaying its $150 million secured term loan.
About LX9211
LX9211 is a potent, orally delivered, selective
small molecule inhibitor of AAK1, a target discovered and
extensively characterized in an alliance with Bristol Myers Squibb.
Preclinical studies of LX9211 demonstrated central nervous system
penetration and reduction in pain behavior in models of neuropathic
pain without affecting opiate pathways. Lexicon holds exclusive
research, development and commercialization rights to LX9211 and
additional compounds acting through AAK1 under the alliance.
About Lexicon
Pharmaceuticals
Lexicon is a biopharmaceutical company with a
mission of pioneering medicines that transform patients’ lives.
Through its Genome5000™ program, Lexicon scientists studied the
role and function of nearly 5,000 genes and identified more than
100 protein targets with significant therapeutic potential in a
range of diseases. Through the precise targeting of these proteins,
Lexicon is pioneering the discovery and development of innovative
medicines to safely and effectively treat disease. Lexicon advanced
one of these medicines to market and has a pipeline of promising
drug candidates in clinical and preclinical development in diabetes
and metabolism, neuropathic pain and other indications. For
additional information, please visit www.lexpharma.com.
Safe Harbor Statement
This press release contains “forward-looking
statements,” including statements relating to the sale of XERMELO
(telotristat ethyl) and Lexicon’s long-term outlook on its
business. In addition, this press release also contains
forward looking statements relating to Lexicon’s growth and future
operating results, discovery, development and commercialization of
products, strategic alliances and intellectual property, as well as
other matters that are not historical facts or information. All
forward-looking statements are based on management’s current
assumptions and expectations and involve risks, uncertainties and
other important factors, specifically including Lexicon’s ability
to meet its capital requirements, successfully conduct preclinical
and clinical development and obtain necessary regulatory approvals
of sotagliflozin, LX9211 and its other potential drug candidates on
its anticipated timelines, achieve its operational objectives,
obtain patent protection for its discoveries and establish
strategic alliances, as well as additional factors relating to
manufacturing, intellectual property rights, and the therapeutic or
commercial value of its drug candidates. Any of these risks,
uncertainties and other factors may cause Lexicon’s actual results
to be materially different from any future results expressed or
implied by such forward-looking statements. Information identifying
such important factors is contained under “Risk Factors” in
Lexicon’s annual report on Form 10-K for the year ended December
31, 2019, as filed with the Securities and Exchange Commission.
Lexicon undertakes no obligation to update or revise any such
forward-looking statements, whether as a result of new information,
future events or otherwise.
For Inquiries:
Chas SchultzExecutive Director, Corporate
Communications and Patient AdvocacyLexicon Pharmaceuticals(281)
863-3421cschultz@lexpharma.com
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