- iX Biopharma signs outlicensing agreement for its Wafermine drug worth more than S$300mn (excluding royalties) with Nasdaq-listed Seelos Therapeutics. Seelos provides the regulatory, clinical development and local USA market knowledge to register and commercialise Wafermine and other ketamine-related products.
- Seelos will fund future development, manufacturing and commercialisation of Wafermine and related drugs. iX Biopharma will receive an upfront payment, development milestone, sales milestone and royalties.
- iX Biopharma retains the ownership over the WaferiX sublingual drug delivery technology. Wafermine is one of a portfolio of other drugs that iX Biopharma is re-purposing using Waferix. Our DCF (WACC 10%) TP is raised to S$0.355 (prev. S$0.335) as we incorporate a higher upfront fee of S$12.1mn and raise development income. Our BUY recommendation is maintained.