CAMBRIDGE, Mass. and ATHLONE, Ireland, July 24, 2017 – Gurnet Point L.P., a healthcare investment fund, and Innocoll Holdings plc (NASDAQ: INNL), a global pharmaceutical and medical device company, today announced that Gurnet Point has completed its acquisition of Innocoll. As a result, Innocoll’s shares (NASDAQ: INNL) will no longer be traded on the NASDAQ Global Select Market as of today.
Under the terms of the agreement, Gurnet Point will acquire Innocoll for $1.75 per share in cash, and up to $4.90 in cash from a contingent value right (CVR), for a total potential per share value of up to $6.65 or up to approximately $209 million in aggregate.
As previously announced, Gurnet Point is providing a $10 million term loan to provide the additional resources needed for the continued development of XARACOLL, Innocoll’s late-stage surgically implantable and bioresorbable collagen matrix, within the post-operative pain market. The term loan will provide the additional capital needed to prepare for the re-submission of the XARACOLL new drug application (“NDA”) to the U.S. Federal Drug Administration (“FDA”) in order to achieve the milestones related to the CVR.
“With the close of this transaction, we are excited by the prospect of helping to develop and bring XARACOLL to the market and we look forward to assisting with the re-submission of XARACOLL for FDA approval and preparing for its commercialization," Christopher Viehbacher, Managing Partner at Gurnet Point Capital. We are looking forward to working closely with Innocoll’s management team to identify XARACOLL’s path to commercialization.
Mr. Viehbacher concluded, “This transaction supports Gurnet Point’s strategy of deploying long-term capital in life sciences, medical technology and healthcare services companies across all stages of development through to commercialization. It builds on Gurnet Point’s track record of partnering with companies seeking long-term partners to develop and implement transformative technologies and health care solutions.”
Tony Zook, Chief Executive Officer of Innocoll, said, “We are excited to begin our work with Gurnet Point with the aim of successfully filing and commercializing XARACOLL in the U.S. market. Gurnet Point’s deep knowledge of value-driven drug development, regulatory affairs and clinical trial design and execution will provide us with the opportunity to ultimately bring XARACOLL to patients.”
About Innocoll Holdings plc
Innocoll is a global, commercial stage specialty pharmaceutical and medical device company with late stage development programs targeting areas of significant unmet medical need. Innocoll utilizes its proprietary collagen-based technology platform to develop biodegradable and fully bioresorbable products and product candidates which can be broken down by the body without the need for surgical removal or topical application.