ATNX - Athenex announces deal to monetize revenue from skin disorder therapy

Buffalo, New York-based biotech Athenex (NASDAQ:ATNX) has agreed to sell the revenue generated from the U.S. and European royalty and milestone interests in skin care treatment Klisyri for Sagard Healthcare Partners and Oaktree Capital Management for $85M. Klisyri, also known as tirbanibulin is indicated in the U.S. and EU for actinic keratosis on the face or scalp. The company plans to use $80M of the proceeds for partial repayment of its debt and ongoing operations. Athenex (ATNX) is expected to receive the remainder subject to certain conditions. “The sale of the revenues from the U.S. and European royalty and milestone interests in Klisyri® represents another step in continuing to monetize non-core assets to focus on developing our potential best-in-class NKT cell platform,” Chief Executive Johnson Lau remarked. In 2017, Athenex (ATNX) entered into a licensing deal with Spanish pharmaceutical company, Almirall S.A. for the development and commercialization of pharmaceutical compounds

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Athenex announces deal to monetize revenue from skin disorder therapy