RYTM - Rhythm Pharma inks licensing deal for development of Imcivree in China

Rhythm Pharmaceuticals (NASDAQ:RYTM) announces an exclusive licensing agreement with and China-based RareStone LTD, for the development and commercialization of Imcivree (setmelanotide) in China, including mainland China, Hong Kong and Macau. According to the terms of the agreement, RareStone will seek local approvals to commercialize Imcivree for the treatment of obesity and hyperphagia due to biallelic proopiomelanocortin, proprotein convertase subtilisin/kexin type 1 or leptin receptor deficiency, as well as Bardet-Biedl and Alström syndromes. RareStone will make an upfront payment of $7M and issue $5M in equity to Rhythm. RYTM will be eligible to receive milestones of up to $63.5M, as well as tiered royalty payments on annual net sales of Imcivree. Additionally, RareStone will fund efforts to identify and enroll patients from China in Rhythm’s global Phase 3 EMANATE trial, to evaluate setmelanotide in five independent sub-studies in patients with obesity.

For further details see:

Rhythm Pharma inks licensing deal for development of Imcivree in China