Acacia Pharma - ByFavo deal to bolster pipeline

Acacia Pharma has announced a deal with Cosmo Pharmaceuticals to acquire the US rights to registrational phase asset ByFavo (remimazolam). The deal strengthens Acacia's product offering beyond key asset BARHEMSYS for post-operative nausea and vomiting (PONV), as it looks to build its US sales and marketing infrastructure in 2020. Both assets are under FDA review, with imminent PDUFA dates (BARHEMSYS 26 February, ByFavo 5 April) and potential US launch of both in H220. The terms of the deal are complex and we place our forecasts and valuation under review. However, the €10m equity investment and access of up to $35m in loan facilities from Cosmos is important in extending Acacia's cash reach into 2020, enabling it to expand its much-needed US commercial infrastructure ahead of product launches.

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