Alimera Sciences, Inc. announced it has acquired the additional commercial rights from EyePoint Pharmaceuticals for YUTIQ (fluocinolone acetonide intravitreal implant) 0.18 mg, indicated for treating chronic non-infectious uveitis impacting the posterior segment of the eye.
Refresh me on YUTIQ.
Approved by the FDA in 2018, YUTIQ (fluocinolone acetonide intravitreal implant) 0.18 mg uses EyePoint Pharmaceutical’s proprietary Durasert technology—a miniaturized, injectable, and sustained delivery system.
Available as a sterile single-dose, preloaded applicator, the implant’s drug delivery system is designed to release 0.18 mg of fluocinolone acetonide consistently over the course of 36 months.
Wait … doesn’t Alimera already have a similar product?
Yup they do. ILUVIEN (fluocinolone acetonide intravitreal implant) 0.19 mg is indicated for the treatment of diabetic macular edema (DME) in patients who’ve previously received corticosteroids.
Like YUTIQ, the implant releases fluocinolone acetonide for up to 36 months.
Now talk about this agreement.
With these new commercial rights, Alimera now has the exclusive global rights to YUTIQ, which includes: China, Hong Kong, Taiwan, Macau, South Korea, Southeast Asia (where a pre-existing license agreement between EyePoint Pharmaceuticals and OcuMension Therapeutics has already been in place).
Effective immediately, the company is taking over all YUTIQ-related U.S. commercial activities
How about the financing?
Alimera made an upfront payment of $75 million at closing; the company will pay an additional $7.5 million in equal quarterly installments starting in 2024.
In return, EyePoint has the potential to receive royalties over a 3-year period (2025 to 2028) based on combined U.S. net revenues from ILUVIEN and YUTIQ, beginning at $70 million.
Executive thoughts?
According to Rick Eiswirth, Alimera’s president and CEO, there are immediate synergies in adding YUTIQ to the company’s portfolio.“We believe that deploying a larger commercial team focused on both ILUVIEN and YUTIQ will increase utilization of both products moving forward and expect Alimera to generate in excess of $100 million in net revenue and $20 million in Adjusted EBITDA in 2024,” he stated.
Any other updates?
In conjunction with these transactions, Alimera also announced two changes to its Board of Directors:
- Garheng Kong, MD, PhD, MBA, former Director and long-term board member, resigned.
- Jason Werner will join the Board as a designee of Velan Capital.
See more details here.