Saturday, May 22, 2021
Liminal BioSciences Inc., a clinical-stage biopharmaceutical company, announced today that it has closed on the previously announced divestment of its 2 plasma collection centers, Prometic Plasma Resources Inc. and Prometic Plasma Resources (USA) Inc. (collectively, "PPRs") to Kedrion S.p.A. ("Kedrion").
Pursuant to the Share Purchase Agreement, the parties have also entered into an option agreement ("Option") granting Kedrion the right to acquire the remainder of the Company's plasma-derived therapeutics business by June 15, 2021, including the Ryplazim® (Plasminogen) ("Ryplazim®") business operated through its subsidiaries, Prometic Bioproduction Inc., the Company's plasma-derived therapeutics manufacturing facility, and Prometic Biotherapeutics Inc., holder of the potential biological license application ("BLA") for Ryplazim®.
The total consideration received by Liminal for the 2 plasma collection centers and the Option, was USD 17 million, which was received upon closing. The ongoing costs of the plasma collection centers is, as a result of their sale, now assumed by Kedrion going forward. Should Kedrion exercise the aforementioned Option, the Company will receive further consideration of USD 5 million plus up to 70% of the net sale proceeds from any PRV that may potentially be issued alongside a possible approval of the BLA.
"We are very pleased to close on the sale of our plasma collection centers to Kedrion", said Bruce Pritchard, the CEO of Liminal BioSciences'. "This transaction strengthens the Company's financial position with net proceeds on closing of USD17 million. These proceeds will be used to support Liminal BioSciences' strategic priorities including investing in activities to support the development of our small molecule pipeline."