SAN DIEGO–(BUSINESS WIRE)–Retrophin, Inc. (NASDAQ:RTRX) today announced the closing of the agreement to sell its Rare Pediatric Disease Priority Review Voucher to Sanofi (EURONEXT: SAN and NYSE: SNY). Under the terms of the agreement, Retrophin has received a payment of $150 million, and will receive two additional payments of $47.5 million in 2016 and 2017.
Retrophin also announced the prepayment of its $45 million credit facility due 2018, issued on June 30, 2014. The Company made a $47.3 million payment in full for all principal, accrued interest, and prepayment premium, as required by the terms of the credit agreement.
“Closing the sale of the voucher significantly strengthens our balance sheet”, said Stephen Aselage, Chief Executive Officer of Retrophin. “The additional cash and prepayment of our high-interest credit facility provide Retrophin with considerable operational flexibility to devote resources to the progression of our pipeline and the pursuit of additional rare disease assets.”
About the Rare Pediatric Disease Priority Review Voucher Program
The program is intended to encourage development of new drug and biological products for prevention and treatment of certain rare pediatric diseases. A voucher may be issued to the sponsor of a rare pediatric disease product application and would entitle the holder to priority review of a single New Drug Application or Biologics License Application, which reduces the target review time and could lead to an expedited approval. The sponsor receives the voucher upon approval of the rare pediatric disease product application.
Retrophin is a pharmaceutical company focused on the development, acquisition and commercialization of drugs for the treatment of serious, catastrophic or rare diseases for which there are currently no viable options for patients. The Company’s approved products include Chenodal®, Cholbam™, and Thiola®, and its pipeline includes compounds for several catastrophic diseases, including focal segmental glomerulosclerosis (FSGS), pantothenate kinase-associated neurodegeneration (PKAN), infantile spasms, nephrotic syndrome and others. For additional information, please visit www.retrophin.com.