Amryt Pharma in Saudi Arabia distribution agreement
Irish-listed Amryt Pharma, which is focused on finding treatments for rare and orphan diseases, has announced that it has signed a distributorship agreement with Faisal Musaed El Seif Saudi Pharmaceutical Company ("El Seif") for Amryt's products in Saudi Arabia.
The agreement covers Lojuxta (lomitapide) and AP101, the company's clinical stage product, currently in Phase 3 trials.
El Seif, an affiliate of El Seif Development Company, is a distributor of medical devices and pharmaceuticals in Saudi Arabia, and has a strong presence in the rare and orphan diseases drug sector.
Prior to this agreement Amryt had acquired exclusive marketing rights for Lojuxta in Europe, the Middle East, North Africa, Turkey and Israel.
Lojuxta is a treatment for Homozygous Familial Hypercholesterolaemia ("HoFH"), a rare, life-limiting disease, which impairs the body's ability to remove bad cholesterol from the blood.
The disease process starts before birth and progresses rapidly and typically results in extremely high blood bad cholesterol levels, leading to aggressive and premature narrowing and blocking blood vessels.
Left untreated, heart attack or sudden death may occur in childhood or early adulthood.
Amryt estimates that there are currently in excess of 150 patients suffering from the disease in Saudi Arabia.
Meanwhile AP101 is currently in pivotal Phase 3 trials, which Amryt hopes will show its efficacy as a potential treatment for Epidermolysis bullosa, a life-limiting and particularly distressing genetic skin disorder.
Amryt’s agreement with El Seif covers AP101 in anticipation of a successful conclusion of these trials.
"The signing of this partnership with El Seif is another key milestone for Amryt as we broaden our capability and reach to ensure complete coverage across our key territories," Dr. Joe Wiley, CEO of Amryt Pharma, said.
Last month the company announced that the majority of its board of directors have purchased shares in the company.
With the exception of non-executive director Ray Stafford, the board bought a total of 947,731 ordinary shares, paying an aggregate price of £189,546 (€211,410) for the shares in October.
The share purchase came after the company announced in September that it was looking to raise €15m.