Ipsen Posts Higher H1 Profit, Signs New Partnership With Day One For Tovorafenib

(RTTNews) - French biopharmaceutical company Ipsen (IPSEY) on Thursday posted higher profit and sales for the half year, and said it signed a new global partnership with Day One Biopharmaceuticals to commercialize tovorafenib outside the U.S.

For the half year, the Group's IFRS consolidated net profit rose more than 19 percent to 232.2 million euros, and IFRS earnings per share grew 18.4 percent to 2.78 euros.

Meanwhile, core consolidated net profit edged up 1.6 percent to 399.4 million, and core earnings per share rose 1.2 percent to 4.78 euros.

Total sales for the first half increased by 8 percent to 1.66 billion euros, while it was up 9.5 percent at constant exchange rates.

In a separate communique, Ipsen and Day One Biopharmaceuticals (DAWN) unveiled a new worldwide partnership outside the U.S. to commercialize tovorafenib for the most common childhood brain tumor.

As per the agreement terms, Ipsen will be responsible for the regulatory and commercial activities for tovorafenib in all territories outside of the U.S. Day One will receive an upfront payment of about $111 million and also tiered double-digit royalties starting at mid-teens percentage on sales.

The companies revealed that upfront payment of about $111 million would comprise about $71 million in cash as well as a $40 million equity investment at a premium, and up to about $350 million in additional launch and sales milestone payments.