Algernon Pharmaceuticals Inc., of Vancouver, British Columbia, said the Financial Industry Regulatory Authority has approved a change in the company's stock symbol on the OTC Markets. The company's common shares are expected to trade on the OTC Markets under the symbol AGNPF. The previous trading symbol was BTHCF.
Auris Medical Holding Ltd., of Hamilton, Bermuda, formed a new subsidiary, Zilentin Ltd., in Zug, Switzerland, to bundle its development projects for the treatment of tinnitus and hearing loss in a separate entity. Upon completion of the transfers from other group companies, Zilentin will own all tangible and intangible assets related to the development of tinnitus therapeutics (Keyzilen/AM-101 as well as early stage projects) and hearing loss therapeutics (Sonsuvi/AM-111).
Beginning in the third quarter of 2020, Lotus Pharmaceutical Co. Ltd., of Taiwan, will distribute Stalevo by Orion Corp., of Espoo, Finland, to Bangladesh, Hong Kong, Indonesia, Philippines, South Korea, Taiwan and Vietnam, and Comtan in Hong Kong, also from Orion, to the Philippines, South Korea and Taiwan. Both drugs are designed to treat Parkinson’s disease. Orion is responsible for manufacturing and the agreement is for five years following the first commercial sales.
Npxe Ltd., of Buffalo, N.Y., filed a voluntary petition to reorganize under chapter 11 of the bankruptcy code in the U.S. Bankruptcy Court for the District of Delaware. Npxe also filed a motion for an auction and sale. The bidding procedures allow interested parties to submit binding offers for substantially all Npxe assets, which would be purchased free and clear of the company's indebtedness and liabilities. Bids should be submitted by Feb. 19 with the auction beginning no later than Feb. 21. The sale is expected to end Feb. 26.
Pharming Group N.V., of Leiden, the Netherlands, reacquired Ruconest-licensed territories from Stockholm-based Swedish Orphan Biovitrum AB (Sobi). Under the agreement, the license terminates Jan. 1 in 36 countries, and Pharming will pay Sobi €7.5 million (US$8.4 million). Ruconest (conestat alfa), a recombinant human C1 esterase inhibitor for treating acute hereditary angioedema attacks, is distributed by Pharming in Austria, France, Germany, Luxembourg, the Netherlands, the U.K. and the U.S. Pharming holds commercialization rights in Algeria, Andorra, Bahrain, Belgium, Ireland, Jordan, Kuwait, Lebanon, Morocco, Oman, Portugal, Qatar, Syria, Spain, Switzerland, Tunisia, United Arab Emirates and Yemen. As of Jan. 1, Ruconest will also be distributed by Pharming in the other EU countries as well as Serbia and Norway, and Pharming will hold commercialization rights in Azerbaijan, Belarus, Georgia, Iceland, Kazakhstan, Liechtenstein, Russia, Serbia and Ukraine and the remaining countries in the Middle East region. Before Jan. 1, those territories were licensed to Sobi.
Sumitomo Dainippon Pharma Co. Ltd., of Osaka, Japan, and Roivant Sciences Ltd., of Hamilton, Bermuda, launched Sumitovant Biopharma Ltd., a wholly owned subsidiary of Sumitomo and parent company of five biopharma companies for which Roivant transferred its ownership interest: Myovant Sciences Ltd., Urovant Sciences Ltd., Enzyvant Therapeutics Ltd., Altavant Sciences Ltd. and Spirovant Sciences Ltd. Sumitomo acquired an 11% stake in Roivant with options to acquire Roivant's ownership interests in six additional biopharma companies. Roivant received $3 billion from Sumitomo.