ProQR Therapeutics provided an update regarding the termination of its previously announced agreement to transfer the company's late-stage ophthalmic assets to Laboratoires Théa.
The completion of this transaction was conditional on Théa's establishment of employment agreements with several essential ophthalmology personnel from ProQR. Regrettably, certain individuals among them have chosen not to pursue employment with Théa. Consequently, as the closing condition for the transaction cannot be met, Théa has opted to terminate the agreement.
“While we are disappointed that the sale of these ophthalmology programs to Théa will not proceed, our primary focus at ProQR remains on our Axiomer® RNA editing platform,” said Daniel A. de Boer, Founder and Chief Executive Officer of ProQR. “We look forward to advancing our wholly owned pipeline with an initial focus on targets for cholestatic and cardiovascular diseases, in addition to our partnership with Lilly, as we work to develop a new class of therapies for patients with high unmet need.”
On August 8, 2023, ProQR Therapeutics and Laboratoires Théa reached an agreement through which ProQR transferred its advanced ophthalmic assets, sepofarsen and ultevursen, to Théa.
Under the terms of the agreement, ProQR would secure an initial payment totaling €12.5 million ($13.7 million). Moreover, the company had the potential to receive payments of up to €135 million ($148 million) contingent upon the progression of development, regulatory milestones, and commercial achievements.