Xeris Pharmaceuticals Announces Distribution Agreement With Megapharm Ltd. to Commercialize Gvoke® in Israel and the Palestinian Authority

CHICAGO--(BUSINESS WIRE)-- Xeris Pharmaceuticals, Inc. (Nasdaq: XERS), a specialty pharmaceutical company leveraging its novel formulation technology platforms to develop and commercialize ready-to-use injectable and infusible drug formulations, today announced that it has entered into an exclusive distribution agreement with Megapharm Ltd. (“Megapharm”), a leading Israel-based pharmaceutical company, for the commercialization in Israel and the Palestinian Authority of Xeris’ Gvoke® (glucagon injection) for the treatment of severe hypoglycemia in adults and children with diabetes ages 2 years and above. Gvoke® is the world’s first and only ready-to-use liquid glucagon.

Under the terms of the agreement, Megapharm will be responsible for registration and marketing of Gvoke® in Israel and the Palestinian Authority, as well as named patient services supply, and Xeris will be responsible for manufacturing, product supply, quality assurance and control, regulatory support, and maintenance of IP. Gvoke® is expected to be available in Israel in 2022. Gvoke® will also be available in Israel prior to registration on a named patient basis starting in early 2021.

“This agreement represents a major milestone in our business development strategy to expand our international distribution for Gvoke® so that more insulin taking patients with diabetes can have access to it,” said Paul R. Edick, Chief Executive Officer and Chairman of Xeris. “Megapharm is a well-respected marketing company with a track record of successfully commercializing innovative products in Israel, and we look forward to working with them.”

Miron Drucker, CEO of Megapharm, said, “We are proud to establish this partnership with Xeris to bring Gvoke® to the diabetes communities in Israel and the Palestinian Authority.”

About GVOKE®

Xeris received U.S. regulatory approval in 2019 for GVOKE® (glucagon) injection, its ready-to-use, room-temperature stable liquid glucagon for the treatment of severe hypoglycemia in pediatric and adult patients with diabetes ages 2 years and above. The Company continues to evaluate additional applications to address needs in severe hypoglycemia and related conditions. Important Safety Information and a link to full prescribing information may be found at https://www.gvokeglucagon.com.

About Glucagon

Glucagon is a metabolic hormone secreted by the pancreas that raises blood glucose levels by causing the liver to rapidly convert glycogen (the stored form of glucose) into glucose, which is then released into the bloodstream. Glucagon and insulin are two critical hormones in a glycemic control system that keep blood glucose at the right level in healthy individuals. In people with diabetes who are dependent on insulin, this control system is disrupted, and insulin must be injected to avoid high levels of blood glucose (hyperglycemia). The opposite effect, or low blood glucose (hypoglycemia), is also prevalent in this population due to dysregulated glucagon secretion. Severe hypoglycemia is a serious condition and can lead to seizures, coma, potential brain injury and, if untreated, death.

Glucagon is the standard of care for treating severe hypoglycemia. According to the American Diabetes Association, glucagon should be prescribed for all individuals at increased risk of clinically significant hypoglycemia, defined as blood glucose