ORION CORPORATION
PRESS RELEASE
30 DECEMBER 2024 at 14.00 EET
Orion and Marinus terminate agreement for ganaxolone in Europe
Orion Corporation ("Orion") and Marinus Pharmaceuticals, Inc. ("Marinus") have decided to mutually terminate their European wide marketing and distribution agreement for ganaxolone. Marinus regains ganaxolone's commercial rights in Europe where the compound is approved for the adjunctive treatment of epileptic seizures associated with cyclin-dependent kinase-like 5 (CDKL5) deficiency disorder (CDD) in patients two to 17 years of age. CDD is a serious and rare genetic disorder. Orion suspends all ganaxolone-related activities in Europe, including the ongoing preparations to launch the product.
Based on Orion's strategic choice to focus on oncology and pain in its innovative business, Orion deems that returning the European rights back to Marinus provides the best option for finding a solution to make the product globally available to the patients who need it.
In connection with the termination of the agreement, Marinus pays Orion EUR 1.5 million in first half of 2025 for regaining the commercial rights of ganaxolone in Europe. In 2021, Orion paid Marinus EUR 25 million for the rights. Following the termination of the agreement, Orion will make a write-down of EUR 23.5 million in Q4 2024.
Contact person:
Terhi Ormio, Vice President, Communications, Orion Corporation
tel. +358 10 426 4646
Publisher:
Orion Corporation
Communications
Orionintie 1A, FI-02200 Espoo, Finland
http://www.orion.fi/en
http://www.twitter.com/OrionCorpIR
Orion is a globally operating Finnish pharmaceutical company - a builder of well-being for over a hundred years. We develop, manufacture and market human and veterinary pharmaceuticals and active pharmaceutical ingredients. Orion has an extensive portfolio of proprietary and generic medicines and consumer health products. The core therapy areas of our pharmaceutical R&D are oncology and pain. Proprietary products developed by Orion are used to treat cancer, neurological diseases and respiratory diseases, among others. Orion's net sales in 2023 amounted to EUR 1,190 million and the company had about 3,600 employees at the end of the year. Orion's A and B shares are listed on Nasdaq Helsinki.
