aibioUroGen buys IconOVir assets for 374,843 shares and a possible $15.0 million payment
Tickers URGN
The deal covers the product candidate ICVB-1042. A director's affiliates hold IconOVir notes that may entitle them to about 28.3% of the purchase price.
Key facts
- Company
- UroGen Pharma Ltd. (NASDAQ: URGN)
- News type
- Financings
- Primary source
- UroGen Pharma Ltd. 8-K (2025-02-20)
UroGen Pharma Ltd. (Nasdaq: URGN) and its subsidiary UroGen Pharma, Inc. signed an Asset Purchase Agreement with IconOVir Bio, Inc. on February 14, 2025. UroGen acquired certain IconOVir assets, including the product candidate ICVB-1042, related contracts, intellectual property, regulatory filings and data. It also assumed certain liabilities.
On the closing date, UroGen issued 374,843 ordinary shares to IconOVir. That number reflects a purchase price of $4.0 million divided by the volume-weighted average closing price over the 30 trading days before closing. UroGen also agreed to pay a one-time $15.0 million in cash if cumulative worldwide net sales of ICVB-1042 products reach a set milestone, and a low, single-digit percentage royalty on annual worldwide net sales of each product.
UroGen agreed to use commercially reasonable efforts to develop and commercialize one ICVB product until the earlier of the 10th anniversary of closing and the first commercial sale of any such product. It granted IconOVir piggyback registration rights on the shares.
The filing says entities affiliated with Arie Belldegrun, M.D., the chair of UroGen's board, hold promissory notes of IconOVir that may entitle them to approximately 28.3% of the purchase price. The shares were issued under Section 4(a)(2) of the Securities Act of 1933.