After gaining approval for Briumvi in the US eight months ago, TG Therapeutics is now set to introduce its multiple sclerosis antibody to the global market. The company has partnered with European specialty pharmaceutical company Neuraxpharm, which will provide TG with an upfront payment of $140 million, along with an additional $12.5 million upon Briumvi’s first launch in the European Union.
“As the leading CNS Company in Europe with direct presence in over 20 countries, we believe Briumvi is an ideal product to bring within our portfolio, and its unique attributes support its potential to become a leading treatment option for patients with relapsing forms of MS. We are committed to the success of Briumvi, due to the positive impact it can make on patients’ lives, and we will be making Briumvi our highest priority, adding 100+ new MS specialists to our already deep CNS commercial team. We look forward to working with TG Therapeutics and launching Briumvi in Europe within the next six months, building further on Neuraxpharm’s position as Europe’s leading CNS specialist.”
– Dr. Jörg-Thomas Dierks, Chief Executive Officer of Neuraxpharm
The deal also includes potential milestone payments of up to $492.5 million, making the total value of the agreement reach $645 million. Additionally, TG will receive tiered double-digit percentage royalties based on net product sales, capped at 30%. In exchange, Neuraxpharm gains exclusive rights to market Briumvi outside the US, Canada, and Mexico, while TG retains those rights in these countries, as well as in some previously partnered Asian countries.
TG has retained the option to buy back all rights from Neuraxpharm for a two-year period in the event of a change in control of TG.
Briumvi faces stiff competition in the multiple sclerosis market, going up against established rivals such as Roche’s Ocrevus, Novartis’ Kesimpta, and Biogen’s Tecfidera. However, it stands out with its less frequent dosing schedule, requiring only a one-hour infusion post-starting dose, followed by a 450-mg dose administered over one hour every six months. This differs from Novartis’ Kesimpta, which requires monthly injections, and Roche’s Ocrevus, which is administered every 24 weeks after starting doses.
“We are very excited to be partnering with Neuraxpharm to launch Briumvi in Europe. Their neurology-focused approach, broad European platform and entrepreneurial organization really resonated with us as an attractive partner for Briumvi. From a deal perspective, the terms provided us many important benefits, including an upfront payment further solidifying our balance sheet, attractive economic terms providing meaningful participation in the ex-US success of BRIUMVI, an experienced neurology team ready to rapidly launch BRIUMVI, and the strategic flexibility to buy back the commercial rights over the next two years in the event of an acquisition of TG.”
– Michael S. Weiss, TG’s Chairman and Chief Executive Officer
Having received European approval in June, Briumvi is now set for successive launches across the EU, and the company is also seeking approvals in the UK and Switzerland.
In the second quarter of 2023, Briumvi achieved $16 million in US sales, representing impressive quarter-over-quarter growth of 100%. The drug has gained traction, with over 340 healthcare providers at more than 225 centers in the US having prescribed more than 1,200 Briumvi treatments since its launch.
Overall, the partnership with Neuraxpharm positions TG Therapeutics to expand the reach of Briumvi internationally and capitalize on the drug’s unique dosing advantage, potentially gaining a significant share in the competitive multiple sclerosis market.
