Pharming sells priority review voucher

Dutch biotech firm Pharming (Euronext: PHARM) said today that it has entered into a definitive agreement with Swiss pharma giant Novartis (NOVN: VX) to sell its Rare Pediatric Disease Priority Review Voucher (PRV) to Novartis for a pre-agreed, one-time payment of around $21.1 million shortly after closing.

Pharming was granted the PRV by the Food and Drug Administration (FDA) in March 2023 in connection with the approval of Joenja (leniolisib); an oral, selective PI3Kδ inhibitor, for activated phosphoinositide 3-kinase delta (PI3Kδ) syndrome (APDS), a rare and progressive primary immunodeficiency, in adult and pediatric patients 12 years of age and older.

Under the August 2019 exclusive license agreement between Pharming and Novartis for leniolisib, Novartis has the right to purchase the PRV from Pharming for a pre-agreed, contractually defined percentage of the PRV value.