PolyPid licenses surgical infection prevention drug to Advanz

Dikla Czaczkes Akselbrad Credit: Yossi Lazarov
Dikla Czaczkes Akselbrad Credit: Yossi Lazarov

The European licensing deal is worth up to $23.5 million upfront to Polypid and $89 million in sales-related milestones.

Israeli drug development company PolyPid (Nasdaq: PYPD) today announced that it has entered into an exclusive licensing agreement in Europe with UK-based specialty and hospital pharmaceutical company Advanz Pharma (formerly Concordia Healthcare Corp.) for its lead drug candidate, D-PLEX100 for the prevention of surgical site infections in abdominal and cardiac surgeries.

Under the terms of the agreement, PolyPid will receive an upfront payment of up to $23.5 million. This comprises an immediate payment of $2.6 million, up to $12.5 million contingent upon positive top-line results of SHIELD I Phase 3 study and additional development-related milestones of up to $8.4 million.

Following commercialization, PolyPid will receive up to $89 million in sales-related milestones. The company will also supply D-PLEX100 to Advanz Pharma for a transfer price and will be entitled to royalties on net sales in double-digit percentages of up to mid-twenties.

PolyPid CEO Dikla Czaczkes Akselbrad said, "Advanz Pharma's expertise in marketing hospital-based therapies, combined with its significant resources and relationships in the region, will prove invaluable in expanding access to D-PLEX100 and delivering this much-needed therapy, if approved, to patients. We are also in active discussions with multiple large and mid-size potential strategic partners, all with significant presence and experience selling in hospitals and operating rooms, to potentially commercialize D-PLEX100 in additional geographies."

Advanz Pharma CEO Steffen Wagner added, "We are very excited by the potential of D-PLEX100 to effectively prevent SSIs and improve patient outcomes. D-PLEX100 is expected to be an important growth driver for ADVANZ PHARMA. The collaboration with PolyPid is in line with our strategy for the commercialization of specialty and hospital pharmaceuticals in Europe."

PolyPid recently announced the completion of enrollment of its SHIELD I Phase 3 study of D-PLEX100 for the prevention of SSIs in abdominal surgery, with top-line results expected by the end of the current quarter.

PolyPid's share price is up 3.19% on Nasdaq at $5.34, giving a market cap of $103.877 million.

Published by Globes, Israel business news - en.globes.co.il - on August 3 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Dikla Czaczkes Akselbrad Credit: Yossi Lazarov
Dikla Czaczkes Akselbrad Credit: Yossi Lazarov
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