Lexicon Pharma (LXRX) to Acquire Remaining Symphony Icon Obligations
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Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) announced that it has entered into an agreement to buy out its remaining obligations under its clinical development financing arrangement with Symphony Icon Holdings LLC upon regulatory approval in the United States for the marketing and sale of telotristat ethyl.
"In light of progress in the process of regulatory review of telotristat ethyl for carcinoid syndrome, we felt this would be an opportune time to reach a favorable settlement of the remaining financial obligations under our collaboration with Symphony Icon," said Jeffrey L. Wade, Lexicon's executive vice president, corporate and administrative affairs and chief financial officer. "The buyout arrangement will reduce the overall amount of our payment obligations and eliminate the sharing of future milestone payment and other license proceeds relating to telotristat ethyl."
Under the buyout arrangement, Lexicon will make a single payment to Symphony Icon of $21.013 million upon U.S. regulatory approval of telotristat ethyl. The buyout will replace and eliminate the remaining contingent payments of up to $29.550 million for which Lexicon was obligated under the terms of the Symphony collaboration in effect prior to the buyout agreement. Consistent with the terms of the Symphony collaboration previously in effect, the buyout payment may be payable in cash or a combination of cash and up to 50% in Lexicon common stock, at Lexicon's option.
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