XML 36 R19.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Subsequent Events
6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
APEIRON Acquisition
On July 8, 2024, we entered into a definitive agreement (the “Agreement”) to acquire APEIRON Biologics AG (“APEIRON”), including the royalty rights to QARZIBA® (dinutuximab beta) for the treatment of high-risk neuroblastoma (the “APEIRON Acquisition”). Under the terms of the Agreement, we would acquire all the outstanding shares of APEIRON for $100 million in cash at closing. We would also pay APEIRON shareholders additional consideration based on future commercial and regulatory events, including up to $28 million if QARZIBA royalties exceed certain predetermined thresholds by either 2030 or 2034, respectively, for a total transaction value of up to $128 million and pay additional earn-outs on specific future events. Concurrently, we also entered into a stock purchase agreement whereby we have committed to investing up to $4 million in invIOs Holding AG, a privately held spin-off of APEIRON. The proceeds would help finance the research and development of three innovative early-stage immuno-oncology assets. APEIRON is entitled to royalties and milestone payments on these assets which will further expand our development stage portfolio.
On July 15, 2024, we completed the acquisition of APEIRON pursuant to the terms of the Agreement for an aggregate amount of $100 million. We funded the APEIRON Acquisition from our available cash on hand. The closing was subject to a 30-day shareholder objection period and other customary closing conditions.