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Horizon Acquires River Vision and its Late-Stage Rare Eye Disease Drug for $145 Million

DUBLIN, Ireland, May 08, 2017 (GLOBE NEWSWIRE) — Horizon Pharma plc (NASDAQ:HZNP), a biopharmaceutical company focused on improving patients’ lives by identifying, developing, acquiring and commercializing differentiated and accessible medicines that address unmet medical needs, today announced that it has agreed to acquire River Vision Development Corp. (“River Vision”) and its development-stage medicine teprotumumab (RV001), a fully human monoclonal antibody (mAb) currently in development for Thyroid Eye Disease (TED), a rare, autoimmune inflammatory disorder.

Under the terms of the agreement, Horizon Pharma will acquire all outstanding equity of River Vision for an upfront cash payment of $145 million, plus potential future milestone and earn-out payments contingent on the satisfaction of certain regulatory milestones and sales thresholds.  The acquisition is expected to close today.

“This acquisition is an important step in our strategy of pursuing and acquiring development-stage medicines targeting rare diseases,” said Timothy P. Walbert, chairman, president and chief executive officer, Horizon Pharma plc.  “With no approved medicines to treat Thyroid Eye Disease, there is a significant unmet treatment need among the approximately 10,000 patients in the United States with moderate to severe disease and we look forward to beginning the pivotal study with teprotumumab in the second half of this year.”

Horizon anticipates a potential peak annual sales opportunity for teprotumumab, if approved, in excess of $250 million in the United States.

About Teprotumumab (RV001)
Teprotumumab is a human mAb inhibitor of insulin-like growth factor type 1 receptor (IGF-1R), which has received Orphan Drug, Fast Track and Breakthrough Therapy designations from the U.S. Food and Drug Administration (FDA).

On May 4, 2017, The New England Journal of Medicine published Phase 2 study results evaluating the efficacy and safety of teprotumumab in patients with recent onset, moderate-to-severe TED.  In the randomized double-blind, placebo controlled study, 88 patients were assigned to receive teprotumumab or placebo in eight intravenous infusions, 10mg/kg for their first infusion followed by 20mg/kg for the remaining seven infusions, every three weeks during the six-month treatment course.  The primary endpoint was response in the study eye defined as a reduction in clinical activity score of ≥ 2 points and reduction of proptosis, which is protrusion of the eyeball from the socket of ≥ 2 mm at week 24.

In the intent-to-treat population, 29/42 (69%) patients receiving teprotumumab and 9/45 (20%) patients receiving placebo were responders at week 24 (p˂0.001).  Therapeutic effects were rapid with responder rates of 46% for patients treated with teprotumumab and 5% for patients treated with placebo at week six (p < 0.001).  Treatment with teprotumumab was well tolerated with the majority of adverse events being mild.  The only treatment-related adverse event was hyperglycemia in diabetic patients, which was controlled by adjusting diabetes medication.

About Thyroid Eye Disease
Thyroid eye disease (TED) is an eye condition in which the eye muscles and fatty tissue behind the eye become inflamed.  This can cause the eyes to be pushed forward (‘staring’ or ‘bulging’ eyes) and the eyes and eyelids to become swollen and red.  In some cases there is swelling and stiffness of the muscles that move the eyes so that the eyes are no longer in line with each other and/or the lids are unable to close.

About Horizon Pharma plc
Horizon Pharma plc is a biopharmaceutical company focused on improving patients’ lives by identifying, developing, acquiring and commercializing differentiated and accessible medicines that address unmet medical needs.  The Company markets 11 medicines through its orphan, rheumatology and primary care business units.  For more information, please visit www.horizonpharma.com.  Follow @HZNPplc on Twitter or view careers on our LinkedIn page.

About River Vision Development Corp.
River Vision Development Corp. was founded by Narrow River Management, LP (Narrow River) for the sole purpose of developing teprotumumab, which was developed by Genmab and subsequently licensed from Roche, for TED and other potential indications.

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