Reata Pharmaceuticals (NASDAQ:RETA) has reacquired development and commercialization rights to its Nrf2 activator product platform from licensee AbbVie (NYSE:ABBV).
Specifically, it owns exclusive global rights bardoxolone methyl,
omaveloxolone and all other next-generation Nrf2 activators, excluding
certain markets in Asia for bardoxolone which are licensed to Kyowa
Kirin Co., Ltd.
Under the terms of the deal, Reata will pay AbbVie
$330M in cash, consisting of $75M upfront and the remainder in Q2 2020
and Q4 2021. AbbVie will also receive tiered low single-digit royalties
from worldwide sales of omaveloxolone and certain other next-gen Nrf2
activators (bardoxolone excluded).
The companies inked their original license agreement in September 2010.
Reata has amended its loan and security agreement
with Oxford Finance LLC and Silicon Valley Bank, freeing up $75M
contingent on positive results from either the CARDINAL study of
bardoxolone in Alport syndrome or MOXIe study of omaveloxolone in
Friedreich’s ataxia. The total loan facility has been increased to $155M
(from $125M).
https://seekingalpha.com/news/3504928-reata-reacquires-rights-bardoxolone-abbvie
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