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Aeglea BioTherapeutics Announces Sale of Pegzilarginase to Immedica Pharma
Global rights to pegzilarginase in development for Arginase 1 Deficiency sold to Immedica Pharma for $15 million upfront cash proceeds and up to $100 million
About this update from Spyre Therapeutics, Inc.
[{"type":"text","content":"Global rights to pegzilarginase in development for Arginase 1 Deficiency sold to Immedica Pharma for $15 million upfront cash proceeds and up to $100 million of contingent milestone payments\nMarketing Authorisation Application for pegzilarginase is under review by the European Medicines Agency\nWALTHAM, Mass., July 27, 2023 /PRNewswire/ -- Aeglea BioTherapeutics, Inc. (\"Aeglea\") (NASDAQ:AGLE), a biotechnology company advancing a pipeline of antibody therapeutics with best-in-class potential to transform the treatment of inflammatory bowel disease (\"IBD\"), today announced that it has entered into an agreement to sell the global rights to pegzilarginase, an investigational treatment for the rare metabolic disease Arginase 1 Deficiency (\"ARG1-D\"), to Immedica Pharma AB (\"Immedica\") for $15 million in upfront cash proceeds and up to $100 million in contingent milestone payments. The sale of pegzilarginase to Immedica supersedes the previous license agreement between Aeglea and Immedica.\n\"We are thrilled that Immedica will be continuing our efforts with pegzilarginase and consolidating development of the potential therapy for the treatment of ARG1-D,\" said Jonathan Alspaugh, President and Chief Financial Officer of Aeglea. \"Immedica has made substantial progress in working towards a European market approval. We believe it is ultimately in the best interest of the ARG1-D community that Immedica will seek to continue the dialogue with the FDA to discuss a path forward for pegzilarginase in the United States while advancing the program globally.\"\nThe milestone payments are contingent on formal reimbursement decisions by national authorities in key European markets and pegzilarginase approval by the U.S. Food and Drug Administration (\"FDA\"), among other events. The upfront payment and contingent milestone payments if paid, net of expenses and adjustments, will be distributed to holders of Aeglea's Contingent Value Rights (\"CVR\") pursuant to the CVR agreement resulting from Aeglea's acquisition of Spyre Therapeutics, Inc. (\"Spyre\").\nAbout Pegzilarginase in ARG1-DPegzilarginase is a novel recombinant human enzyme engineered to degrade the amino acid arginine and has been shown to rapidly and sustainably lower levels of the amino acid arginine in plasma. Pegzilarginase has been in development for the treatment of peopl...