BioLineRx Signs A $10mln Upfront Deal With Ayrmid To Commercialise APHEXDA

(RTTNews) - BioLineRx Ltd. (BLRX) a commercial-stage biopharmaceutical company enters into a license agreement to develop and commercialize APHEXDA. The company receives a $10 million upfront payment from Ayrmid Ltd which is a parent company of Gamida Cell Ltd.

Aphexda (motixafortide) helps move stem cells from the bone marrow to the blood for collection and use in stem cell transplants. It is for adults with multiple myeloma undergoing a transplant and is usually given with filgrastim.

On September 11, 2023, motixafortide was approved in the U.S. for use with filgrastim (G-CSF) to help move stem cells into the blood for collection and autologous transplant in multiple myeloma patients.

On agreement, BioLineRx intends to lower its long-term debt and running costs. The company will get $10 million upfront and could earn up to $87 million in additional milestone payments, along with royalties of 18% to 23% on APHEXDA's net sales.

The company has given Ayrmid the rights to develop and market APHEXDA for all uses except solid tumor treatments, and in all regions except Asia.

BioLineRx has signed a share purchase deal for a $9 million investment from funds managed by Highbridge Capital Management, LLC, to help support its pipeline development and explore new potential projects. The transaction is expected to close by November 21.

Ayrmid will include APHEXDA in its product lineup, alongside Gamida Cell's OMISIRGE, the only FDA-approved NAM-modified cell therapy for patients with blood cancers needing a stem cell transplant.

The company is expected to develop motixafortide for pancreatic cancer (PDAC) through key partnerships.

BLRX closed Wednesday's trading at $0.54, up 1.36%. In premarket trading today, the stock is up 8.09% at $0.04.