iX Biopharma - Wafermine Out-Licensed For ~US$248mil
- IX Biopharma announced the out-licensing of Wafermine, its sublingual Ketamine wafer, to Seelos Therapeutics (SEEL US) for up to US$248m. The out-licensing deal consists of an upfront payment of US$9m (US$3.5m in cash and US$5.5m in SEEL shares), which exceeds IX Biopharma’s FY21 (Jul 2020 to Jun 2021) net losses of US$8.2m.
- IX Biopharma (SGX:42C) is a specialty pharmaceutical and nutraceutical company that has developed WaferiX, a patented drug delivery platform technology.
- IX Biopharma has also announced its intentions to spin-off its pharmaceutical business on the Mainboard of Hong Kong Exchange through Chapter 18A, that is unique to biotech companies. According to IX Biopharma, the spin-off is intended to cater to the differing development, commercialisation, and risk profiles of its Pharmaceutical and Medicinal Cannabis Business and the Nutraceutical Business.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
TAY Wee Kuang CGS-CIMB Research | https://www.cgs-cimb.com 2021-12-14 2021-12-14
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