SK Biopharm Sells 12% Stake in European Partner Abel

[Asia Economy Reporter Cho Hyun-ui] SK Biopharm announced on the 4th that it has agreed to sell its 12% stake in its European partner Abel Therapeutics to Italian pharmaceutical company Angelini Pharma for $55 million (approximately 59.8 billion KRW) following Angelini Pharma's acquisition of Abel.

Of the sale proceeds, $32 million (approximately 34.8 billion KRW) will be secured immediately, and an additional $23 million (approximately 25 billion KRW) will be received as milestones (stepwise royalties) linked to European marketing authorization and sales.

SK Biopharm signed a technology export contract with Abel in February last year to commercialize its independently developed epilepsy drug, Cenobamate, in Europe. At that time, it received an upfront payment of $100 million (approximately 108.8 billion KRW), with remaining milestones of $430 million (approximately 467.8 billion KRW) based on approvals and sales. Royalties based on sales after the European launch are also separately applicable.

Angelini Pharma will assume these payment obligations following the acquisition of Abel. Angelini Pharma is acquiring Abel for a total of $960 million (approximately 1.045 trillion KRW), including $530 million (approximately 576.6 billion KRW) for 100% of Abel's shares and $430 million in technology export fees payable to SK Biopharm.

SK Biopharm stated, "The European technology export revenue is expected to expand up to a total of $585 million (approximately 636.5 billion KRW), including $530 million from the technology export contract with Abel (excluding royalties) and a maximum capital gain of $55 million from this transaction."

This content was produced with the assistance of AI translation services.