CHICAGO– Xeris Biopharma Holdings, Inc. (Nasdaq: XERS), a biopharmaceutical company developing and commercializing unique therapies for patient populations in endocrinology and neurology, today announced that Tetris Pharma—its commercialization partner for Ogluo in the UK, EEA, and Switzerland—will be acquired by Arecor Therapeutics (AIM: AREC), a UK-based, publicly traded, globally focused biopharmaceutical company, contingent upon a successful capital offering by Arecor Therapeutics. Under the terms of the proposed acquisition, Arecor Therapeutics has agreed to acquire Tetris Pharma and will continue to commercialize Ogluo in the UK and EEA.
“We look forward to working with Arecor as our commercial partner if the proposed acquisition is completed. Arecor is a diversified and well capitalized company with a key focus on the diabetes space. Having our ready-to-use glucagon, Ogluo, commercialized in the UK and EEA by Arecor would be a very positive step forward in our view,” said Paul R. Edick, Xeris’ Chairman and CEO. “We are working expeditiously with Tetris and Arecor to affect a smooth transition of commercial activities and will continue to support the commercial efforts going forward.”
In July 2021, Xeris announced an exclusive agreement with Tetris Pharma Limited (“Tetris”) for the commercialization of Ogluo® in the European Economic Area, United Kingdom, and Switzerland (the “Territory”) for the treatment of severe hypoglycemia in adults, adolescents, and children aged 2 years and over with diabetes mellitus. Under the terms of the applicable agreements, Xeris is responsible for product supply and Tetris is responsible for the commercialization of Ogluo in the Territory. Tetris Pharma has, conditional upon completion of the Acquisition, entered into an amendment to its exclusive 16-year minimum term license and supply agreements with Xeris for the sale and distribution of Ogluo® in the EEA, UK, and Switzerland. Pursuant to the license, a mid-single-digit royalty on net sales is payable to Xeris over the license period. In addition, further one-off commercial milestone payments are payable to Xeris in the event that net revenues exceed pre-defined targets in any single calendar year.
