Estimates have it that more than five million patients live on insulin and are at risk of severe hypoglycemia. The bad news is that only about 10-20% have access to a prescription for glucagon. However, there is some good news. Thanks to Xeris Pharmaceuticals, Inc. (NASDAQ: XERS). The specialty pharmaceutical company is joining forces with Tetris Pharma Limited to ensure more people have access to Ogluo® in the European Economic Area, Switzerland, and the UK through an exclusive agreement.
The FDA first approved glucagon injection for use in the United States in September 2019. The ready-to-use, pre-mixed, pre-measured prescription treats severe hypoglycemia in paediatric and adult patients. On April 29, 2021, the UK’s Medicines and Healthcare products Regulatory Agency (MHRA) approved Ogluo, while the EMA Committee and Medicinal Products for Human Use (CHMP) endorsed it in December 2020.
Accelerating its Footprint throughout Europe and Paving its Way into the Future
Xeris’ mission is all about making a difference and simplifying people’s lives. The terms of the agreement direct that will supply the product while Tetris commercializes it in the Territory. Upon the first commercial sale, Xeris will receive up to $71 million in payments in addition to launch- and sales-related milestones.
As the incidence and prevalence of diabetes continue to rise globally, the partnership would not have come at a better time than now. This is according to the CEO of Xeris, Paul R. Edick. He said, “We were seeking and found, in Tetris, a partner for whom success with Ogluo would be absolutely critical to their European expansion… We also are excited by their entrepreneurial approach….”
The launch for Ogluo should occur by the end of this year in the UK and then Europe by mid-2022. This explains the vision by the UK and international pharmaceutical industry to bring effective treatments to patients suffering from the consequences of severe hypoglycemia. Meanwhile, the Chicago headquartered Xeris says it is ready to continue advancing its solutions in various therapeutic categories.