Pharming acquires rights for its own drug Ruconest from Valeant

Shares of Netherlands-based Pharming Group (Euronext: PHARM) edged up 3.3% to 0.22 euros today, after it revealed it was buying back rights to its own drug Ruconest in North America for as much as $125 million.

Pharming says it has entered into a definitive agreement to acquire all commercialization rights to its Ruconest (recombinant human C1 esterase inhibitor) in the USA, Mexico and Canada from Valeant Pharmaceuticals International (TSX: VRX).

Up to end second-quarter 2016, the drug has generated annualized net product sales of approximately $25 million. Explaining its ration ale for re-acquiring these rights, Pharming says it believes it can enter another $700 million market if it can win approval for an additional indication. In July 18, Pharming reported positive results in a Phase II trial of Ruconest for prophylaxis of HAE, with the drug meeting its primary endpoints for both once-weekly and twice-weekly dosing regimens.