Pharmaessentia Corp. raised $462.7 million in a global depositary receipt (GDR) offering on the Luxembourg Stock Exchange that marks the largest global health care GDR offering so far this year. The capital raise “reflects confidence in the market opportunity for our approved product and the potential of our pipeline,” said Pharmaessentia founder and CEO Ko-Chung Lin.
Pharmaessentia Corp. raised $462.7 million in a global depositary receipt (GDR) offering on the Luxembourg Stock Exchange that marks the largest global health care GDR offering so far this year. The capital raise “reflects confidence in the market opportunity for our approved product and the potential of our pipeline,” said Pharmaessentia founder and CEO Ko-Chung Lin.
In the latest chapter in an ongoing contract dispute between AOP Orphan Pharmaceuticals GmbH and Pharmaessentia Corp., the German Federal Court of Justice this week set aside the €143 million (US$162.8 million) in damages awarded to AOP, citing procedural flaws in quantifying the product supply and damages.
The FDA has approved Pharmaessentia Corp.'s Besremi (ropeginterferon alfa-2b) for the rare blood disorder polycythemia vera, the interferon offering an alternative to JAK inhibitor therapy. PV is a rare, chronic and life-threatening blood cancer caused by a mutation in stem cells in the bone marrow, resulting in overproduction of blood cells. Besremi, which is already approved in Taiwan, Europe and South Korea, is a monopegylated, long-acting interferon, which counteracts the effects of the mutated bone marrow cells and is initially taken fortnightly.
