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Amryt Pharma says Aegerion acquisition “ahead of expectations”

The AIM-listed firm said it had US$60.9mln in the bank as of 16 December, which was “significantly” ahead of estimates

Amryt Pharma PLC - Amryt Pharma says Aegerion acquisition “ahead of expectations”

Amryt Pharma PLC (LON:AMYT) said the integration of Aegerion Pharmaceuticals is progressing “well” and “ahead of expectations” after its acquisition in September.

The AIM-listed firm, which focuses on treatments for rare and orphan diseases, said it had US$60.9mln in the bank as of 16 December, which was “significantly” more than expected after raising US$60mln in September.

READ: Amryt Pharma's transformation reflected in nine-month update

In line with plans, 28 new positions have been filled to date with additional roles expected to be filled in the first quarter of 2020.

Aegerion was bought out of Chapter 11 bankruptcy protection in a transaction backed by convertible bondholders, creditors and Nasdaq-listed Novelion Therapeutics, its original parent company.

Amryt gained full control of the Lojuxta cholesterol treatment, creating an international business that would have generated revenues of US$136.5mln last year – a deal called “transformational” by management at the time of completion.

Amryt also updated on AP101, its lead development candidate for epidermolysis bullosa, a rare genetic skin disorder for which there is currently no approved treatment, with potential market opportunity said to be worth US$1bn.

The company said its phase III clinical trial is progressing “well” and as at 17 December 2019 there were 236 patients out of the 245 target either already enrolled or scheduled to enter the study shortly.

“The operational synergies delivered so far have resulted in a higher cash balance at this point in time than we initially forecast and we are also making solid progress across a number of other financial metrics,” chief executive Joe Wiley said in a release.

Quick facts: Amryt Pharma PLC

Price: 204 GBX

AIM:AMYT
Market: AIM
Market Cap: £331.97 m
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