Xeris Pharma, Tetris Ink Commercialization Pact For Ogluo In Europe

Xeris Pharmaceuticals Inc XERS has entered into an exclusive agreement with Tetris Pharma Limited to commercialize Ogluo in the European Economic Area, the U.K., and Switzerland.
Ogluo is indicated to treat severe hypoglycemia in adults, adolescents, and children aged two years and over with diabetes mellitus.
Xeris will be responsible for product supply, and Tetris will be responsible for the commercialization of Ogluo in the Territory.
Xeris will receive up to $71 million in payments tied to the first commercial sale and other related milestone payments and collect a royalty on net sales.
The Company expects to launch Ogluo in the U.K. by the end of 2021 and at least seven additional countries by mid-2022.
Xeris estimates there are more than five million patients on insulin and at risk of severe hypoglycemia in the Territory, with only an estimated 10-20% having a prescription for glucagon.
Price Action: XERS shares are down 1.30% at $3.42 during the market session on the last check Monday.