Shares of pharmaceutical company Alimera Sciences (NASDAQ:ALIM) are soaring higher today after it acquired additional commercial rights for Yutiq from EyePoint Pharmaceuticals (NASDAQ:EYPT). The therapy is targeted for the treatment of chronic non-infectious uveitis (impacting the posterior segment of the eye).
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Alimera sees immediate synergies from the move and expects Yutiq to be accretive to its top line, adjusted EBITDA, and cash flow from the second half of this year. Yutiq raked in $30 million in sales in 2022 and Alimera expects Iluvien and Yutiq to bring in more than $100 million in net revenue together.
Under the deal, Alimera paid $75 million in upfront cash payments and expects to pay $7.5 million in quarterly installments in 2024. Further, EYPT also stands to receive royalties on sales of Iluvien as well as Yutiq. With this transaction, Alimera now has exclusive global rights for Yutiq exclusive of certain markets including China, Hong Kong, Taiwan, South Korea, Macau, and Southeast Asia.
With today’s price gains, Alimera shares have now surged 67% over the past five sessions.
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