Benzinga | Nov 23, 2020 08:05AM EST

Eiger BioPharmaceuticals Sells Priority Review Voucher For $95M

PALO ALTO, Calif., Nov. 23, 2020 /PRNewswire/ -- Eiger BioPharmaceuticals, Inc. (NASDAQ:EIGR), focused on the development and commercialization of targeted therapies for serious rare and ultra-rare diseases, today announced that it has entered into a definitive agreement to sell its Priority Review Voucher (PRV) for a lump sum payment of $95 million. Eiger will retain fifty percent of the proceeds, or $47.5 million, under the terms of the Collaboration and Supply Agreement with The Progeria Research Foundation (PRF).

The PRV was granted in conjunction with the recent approval by the U.S. Food and Drug Administration of Zokinvy (lonafarnib) for treatment of Progeria and processing-deficient Progeroid Laminopathies. The transaction remains subject to customary closing conditions, including anti-trust review.

"The sale of the PRV provides Eiger with an important source of non-dilutive capital and further strengthens our balance sheet. The proceeds allow us to continue to ensure that all diagnosed children and young adults worldwide with Progeria and processing-deficient Progeroid Laminopathies have access to Zokinvy and to advance our late-stage pipeline that now includes three breakthrough therapy designated programs," said David Cory, President and CEO of Eiger. "We are proud that Zokinvy is our first approved product and the first approved therapy for children and young adults with Progeria and processing-deficient Progeroid Laminopathies."