Rhythm Pharmaceuticals (RYTM) said late Thursday it has reacquired rights to its Imcivree obesity medication throughout mainland China, Hong Kong and Macau after terminating its 2021 licensing deal with RareStone Group.
As part of the agreement to regain the global franchise for Imcivree, Rhythm said it will repay $6.3 million in cash to RareStone and return all RareStone shares acquired under the original deal with no additional consideration.
Rhythm is also expecting to report topline data from clinical testing of Imcivree now underway in North America, Europe and Japan in patients with acquired hypothalamic obesity during Q2, it added.
Shares of the company were up 1.4% in recent after-hours activity.
Price: 55.00, Change: +0.77, Percent Change: +1.42
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