MONTREAL, April 27, 2022 — Theratechnologies Inc. (Theratechnologies or Company) (TSX: TH) (NASDAQ: THTX), a biopharmaceutical company focused on the development and commercialization of innovative therapies, today announced that it will focus its commercialization activities on the North American territory only and, as a result, will cease its Trogarzo® commercialization operations in Europe. The Company has sent a notice of termination to TaiMed Biologics Inc. (TaiMed) as per our contractual obligations and will return the European commercialization rights to Trogarzo® for TaiMed within the next 180 days. TaiMed is currently considering options for the continued commercial availability of Trogarzo in Europe.
“It is unfortunate that we had to come to this conclusion, but the pricing and reimbursement conditions for Trogarzo® in key European countries were not satisfactory to Theratechnologies. While Trogarzo® is an important and effective therapy for people living with HIV-1, the continued commercial sale of Trogarzo® at the proposed pricing and reimbursement conditions by various European governments would have resulted in continuing losses for Theratechnologies. We intend to honor our regulatory obligations vis-à-vis patients who are currently receiving Trogarzo® over the required period of time, and we will work with TaiMed to evaluate their options regarding the continued commercial availability of Trogarzo® in Europe”, said Paul Lévesque, President and Chief Executive Officer, Theratechnologies. “The effect of such a decision means that we will restructure our wholly-owned Dublin-based subsidiary and let go some of our colleagues. However, not everyone will be impacted by this decision as some roles which provide services to our global operations will be retained. This decision will in no way impact our commitment to providing our innovative medicines, Egrifta SV® and Trogarzo®, to North American patients, as we continue to focus on the execution of our aggressive growth plans in the United States”, added Mr. Lévesque.
This decision is expected to result in approximately US$1.5 to US$2.0 million in cash charges related to severance and other expenses associated with the termination of the agreement and approximately US$6.5 million in non-cash charges. We expect these charges to be fully taken during 2022. European net sales in the past twelve months represented less than 2% of our overall revenues and we would like to reiterate that our revenue guidance remains unchanged for the current fiscal year.
About Theratechnologies
Theratechnologies (TSX: TH) (NASDAQ: THTX) is a biopharmaceutical company focused on the development and commercialization of innovative therapies addressing unmet medical needs. Further information about Theratechnologies is available on the Company’s website at www.theratech.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov
Source : Theratechnologies Inc.
Related HIV and Co-Infections News
Get involved
Are you living with HIV/AIDS? Are you part of a community affected by HIV/AIDS and co-infections? Do you work or volunteer in the field? Are you motivated by our cause and interested to support our work?
Subscribe
Stay in the loop and get all the important EATG updates in your inbox with the EATG newsletter. The HIV & co-infections bulletin is your source of handpicked news from the field arriving regularly to your inbox.