XOMA Receives $8.1-Million Milestone Related to Day One Biopharmaceuticals’ Sale of its Priority Review Voucher
XOMA Corporation recently announced it has received an $8.1-million milestone payment from Viracta Therapeutics, Inc., related to Day One Biopharmaceuticals’ recent sale of its Priority Review Voucher (PRV) for $108 million to an undisclosed buyer.
“OJEMDA offers patients 6 months of age and older who have relapsed or refractory BRAF-altered pediatric low-grade glioma (pLGG) the only approved therapy studied in and approved specifically for pLGG driven by BRAF fusions,” said Owen Hughes, Chief Executive Officer of XOMA. “With this milestone in hand, we have more than recouped our initial capital outlay. And importantly, we anticipate future royalties on OJEMDA will contribute to a growing portfolio of royalty receipts that will help us drive sustainable free cash flow generation over time.”
In March 2021, XOMA paid $13.5 million upfront to acquire up to $54 million in potential milestones and mid-single digit royalties associated with OJEMDA (tovorafenib), as well as economics associated with vosaroxin, from Viracta Therapeutics.
XOMA is a biotechnology royalty aggregator playing a distinctive role in helping biotech companies achieve their goal of improving human health. XOMA acquires the potential future economics associated with pre-commercial and commercial therapeutic candidates that have been licensed to pharmaceutical or biotechnology companies. When XOMA acquires the future economics, the seller receives non-dilutive, non-recourse funding they can use to advance their internal drug candidate(s) or for general corporate purposes. The Company has an extensive and growing portfolio of assets (asset defined as the right to receive potential future economics associated with the advancement of an underlying therapeutic candidate). For more information, visit www.xoma.com.
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