Orexo AB (publ) (ORXOY) Discusses Divestment of US Rights to Zubsolv and Transition Agreement with Dexcel Pharma Transcript

Operator

Welcome to the conference call. [Operator Instructions] Now I will hand the conference over to the speakers. Please go ahead.

Nikolaj Sørensen
President & CEO

Thank you very much, and welcome to this call updating you about the transaction that we completed yesterday evening. And first, I just want to extend my apologies for disturbing you here on the 23rd of December, where most of you probably would like to go Christmas shopping or starting the vacation. But for us, this is a major step and something we’ve been working intensively on throughout the autumn and that we’re now able to close this transaction just before Christmas is very welcome, and we think is the right thing for Orexo to do in our current state.

So we will give you an update about our agreement that we reached with Dexcel Pharma yesterday evening, where we’re divesting the U.S. rights to Zubsolv and we’ll provide a little more details on it, but most of it will, of course, be anchored in the press release that we have made yesterday evening. So shortly about the transaction, we have sold the rights to Zubsolv in the U.S. to Dexcel for a net amount of $91 million. We will also be paid for the inventory that we have at closing.

In addition, there’s an agreement that we will have a contingent payment or an earn-out, you can say, which could be up to $16.8 million that will be paid out