Liminal BioSciences to sell Priority Review voucher for $105M

Shares of Canada’s Liminal BioSciences (Nasdaq: LMNL) shot up nearly 28% to $3.65 by close of trading on Monday, after it announced that, its subsidiary Prometic Biotherapeutics (PBT) has entered into a definitive agreement to sell its Rare Pediatric Disease Priority Review Voucher (PRV) for $105 million.

The PRV was granted by the US Food and Drug Administration with the approval of Ryplazim (plasminogen, human-tvmh), for treatment of patients with plasminogen deficiency type 1 (hypoplasminogenia).

Under the terms of the agreement, PBT will receive an upfront payment of $105 million on closing of the transaction. The closing is subject to customary closing conditions, including expiration of applicable waiting period under US antitrust clearance requirements. Under the terms of the previously announced share purchase agreement (SPA) entered into with Italy’s Kedrion dated June 22, 2021; Liminal Biosciences is entitled to retain an amount equal to 70% of the net sales proceeds of the sale of the PRV.