EyePoint Pharma sells eye disease drug to Alimera Sciences, shares rise

Alimera Sciences

18/05/2023 12:44

** Shares of drugmaker EyePoint Pharmaceuticals Inc  EYPT.O 
rise 12% to $7.2, while Alimera Sciences Inc  ALIM.O  up 42.6%
at $2.98 premarket
    ** EYPT enters into an agreement with ALIM for sale of
Yutiq, a drug to treat non-infectious eye disease
    ** Under the agreement, Alimera will receive global rights
to Yutiq outside of China, Hong Kong, Taiwan, Macau and
Southeast Asia
    ** In exchange for the rights granted to Alimera, EYPT to
receive $75 mln upfront payment and an additional $7.5 mln in
equal quarterly installments in 2024
    ** EYPT also will receive a low to mid double-digit royalty
on ALIM's U.S. net sales from 2025 to 2028.
    ** ALIM expects to generate over $100 mln in net revenue in
2024 from selling the drug, which has reported sales of almost
$30 mln in 2022
    ** Up to Wednesday's close, EYPT stock up ~83% YTD, while
ALIM down ~24%

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))