The share price of Liminal BioSciences Inc. (LMNL) was trading at $3.45 at the last check on Monday, up 20.63%. Last trading session, LMNL stock fell -1.72% to close at $2.86. Prices for LMNL stock ranged from $2.84 to $2.95. LMNL traded 68532.0 shares, below its daily average of 0.74 million shares over the past 100 days. In the past five days, LMNL stock has dropped by -2.39%, while it has dropped by -22.70% in the last month. LMNL stock is rising premarket following a sale of its Priority Review Voucher (“PRV”).
Which vouchers has LMNL Stock been selling?
The mission of Liminal BioSciences is to discover, develop and commercialize new treatments for patients suffering from illnesses related to fibrosis, such as respiratory diseases, liver disorders, and kidney disorders. Fezagepras (PBI-4050), LMNL’s lead small molecule product candidate, entered a Phase 1 clinical trial in the UK in December 2020, which evaluated daily exposure to more than double that of our previously completed Phase 2 trials.
According to LMNL, a full evaluation of the complete PK data set from the phase 1 fast-scaling dose clinical trial will help determine any other potential indication(s) beyond this one. LMNL has active business operations in the United Kingdom and Canada.
A Liminal BioSciences subsidiary, Prometic Biotherapeutics Inc. (“PBT”), announced today that it has entered into a definitive agreement to sell its Rare Pediatric Disease Priority Review Voucher (“PRV”) for USD105M.
- The U.S. Food and Drug Administration (“FDA”) approved PRV to treat patients with plasminogen deficiency type 1 (hypoplasminogenia) with the approval of Ryplazim.
- The settlement agreement establishes that LMNL-subsidiary PBT will receive a payment of USD105M upfront upon completion of the deal.
- A closing is subject to the usual closing conditions, including the expiration of waiting periods under antitrust regulations in the United States.
- LMNL is eligible to retain an amount equal to 70% of the net sales proceeds of the PRV under the terms of the previously announced Share Purchase Agreement (SPA) between LMNL and Kedrion S.p.A. (“Kedrion”) dated June 22, 2021.
- LMNL entered into a guaranty agreement with PBT to ensure that it will fulfill its obligations under the agreement up to the closing of the SPA when it is signed as part of the definitive agreement for the sale of the PRV.
How is this transaction leveraged?
Liminal BioSciences (LMNL) will gain non-dilutive capital from the sale of the PRV to advance the development of its small molecule pipeline. Kedrion’s acquisition of LMNL’s remaining plasma-derived therapeutics business is another important milestone for LMNL as it completes its divestiture of the remaining business.
