uniQure's Hemgenix Royalty Sales Agreement Extends Cash Runway, Relieves Near-Term Commercial Risk, Says Analyst

uniQure N.V. QURE agreed to sell a portion of the royalty rights due from CSL Behring from Hemgenix (etranacogene dezaparvovec-drbl) net sales to HealthCare Royalty and Sagard Healthcare for up to $400 million in cash.

Under the terms of the agreement, uniQure will receive an upfront cash payment of $375 million in exchange for the lowest royalty tier on CSL Behring's worldwide net sales of Hemgenix up to 1.85 times the purchase price until June 30, 2032, or if such cap is not met by June 30, 2032, up to 2.25x the purchase price through December 31, 2038.

uniQure also is eligible to receive an additional $25 million milestone payment if 2024 net sales of Hemgenix exceed a pre-specified threshold. 

uniQure expects the transaction will extend its cash runway into the second quarter of 2026.

William Blair says that in addition to extending the company's cash runway, the deal removes the near-term risk associated with CSL's commercial launch of Hemgenix, which has been slower than anticipated.

The analyst writes that the bulk of uniQure's valuation lies in Hemgenix for hemophilia B and AMT-130 for Huntington's disease. 

The commercial launch and clinical data from these programs will drive the stock price in the near term while de-risking subsequent assets.

Price Action: QURE shares are up 1.17% at $22.14 on the last check Monday.