Eiger BioPharma off-loads non-core asset for $3.1 million

29 June 2017

Shares of USA-based Eiger BioPharmaceuticals (Nasdaq: EIGR) moved up 4.3% to $7.30 this morning, after the company revealed it has signed an agreement to sell a non-strategic asset, Mydicar (rAAV1-SERCA2a), to privately-held biotech firm Theragene Pharmaceuticals.

Financial terms of the agreement include a total upfront of $3.1 million in payments from Theragene to Eiger, comprised of $240,000 in upfront cash and expense reimbursement in addition to $2.85 million in Theragene common stock, plus pre-specified clinical and regulatory milestones totaling $15 million, royalties on net sales, and sublicensing and milestone fees. Theragene has committed to repurchase $1.35 million of the common stock paid to Eiger upon the closing of a financing raise of $4 million or more. Additional financial terms are not being disclosed.

Mydicar rights came with Celladon merger

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