Travere Therapeutics, Inc. (TVTX) stock plummeted 5.44% in the after-hours trading session at the price of $22.25 after announcing its licensing agreement for the commercialization of sparsentan. Travere Inc. is a biopharmaceutical company dedicated to assisting patients, families, and caregivers of all backgrounds with rare diseases.
Licensing Agreement for the Commercialization of Sparsentan
On 16th September 2021, TVTX published that it had entered into a collaboration and licensing agreement with Vifor Pharma Group. The agreement intends to commercialize sparsentan in Europe, Australia, and New Zealand. Sparsentan is a novel investigational product candidate designed to treat FSGS and IgAN, two rare progressive kidney disorders that cause end-stage kidney diseases. There is currently no approved medication to cure FSGS or IgAN. Sparsentan was evaluated in pivotal phase-III clinical studies and had been granted Orphan Drug Designation in the U.S. and Europe.
As per the agreement, TVTX will receive an upfront payment of US$55 million and will be eligible for US$135 million to achieve certain regulatory and market access-related milestones. Meanwhile, Vifor Pharma will acquire exclusive commercialization rights for sparsentan in Europe, Australia, and New Zealand. Vifor Pharma will also make further payments to get sales milestones and tiered double-digit royalties on net sales of sparsentan.
CEO of TVTX, Eric Dube, remarked that their goal is to create a novel global treatment for people living with FSGS and IgAN. Their collaboration with Vifor Pharma, a global leader in nephrology, is an important step forward in this journey. Vifor Pharma has its established commercialization expertise in Europe, Australia, and New Zealand. This agreement aligns the two companies with the shared goal of approving and maximizing sparsentan’s access to more people. This collaboration will further strengthen their financial foundation and focus on future launches of sparsentan in the U.S, he added.
TVTX Appointed Ruth Williams-Brinkley
On 14th August 2021, TVTX announced the appointment of Ruth Williams-Brinkley to its Board of Directors. The appointment became effective immediately. Ms. Williams-Brinkley has more than 35 years of executive leadership in care delivery and health plan operations. The chairman of TVTX’s Board of Directors, Gary Lyons stated that he is pleased to welcome Ruth to Travere. Ruth is an actively engaged and admired community leader and has extensive experience in the delivery of care. Her insights will be instrumental in achieving their goal of enabling broad access to their innovative therapies, he added.
