Sosei Heptares Operational Highlights and Consolidated Results for the Second Quarter and First Half of 2023
Published: Aug 04, 2023
Tokyo, Japan and Cambridge, UK, 4August2023 – Sosei Group Corporation (“the Company”; TSE: 4565) provides an update on operational activities and reports its consolidated results for the second quarter and first half ended 30 June 2023. The full report can be found by clicking here.
Chris Cargill, President & CEO of Sosei Heptares, commented: “We begin the second half of 2023 as a much enlarged, transformed and energized organization with a clear strategy for success, following the completion of the fully funded acquisition of Idorsia’s pharmaceutical business in Japan and Asia-Pacific (ex-China).
“We are confident that the addition of this business – bringing an experienced team with extensive development capabilities and commercial expertise, along with selected product rights that include PIVLAZ®, an approved and fast-growing product, and daridorexant, for which J-NDA filing is expected in 2H 2023 – creates the ideal platform to deliver our revenue and growth goals in Japan and Asia-Pacific (ex-China).
“The acquired operation is also highly complementary to our world-leading GPCR-targeted discovery and early development business in the UK, allowing us to become a fully integrated organization, with the broad capabilities, expanded pipeline and lean and agile business model, capable of taking drugs from discovery to patients in Japan while opening new partnering opportunities globally.
“Our immediate focus is to integrate the businesses to ensure continued operational efficiency so that we can progress our expanded internal discovery and development programs, support our multiple partnered programs, and develop our commercial activities in Asia-Pacific (ex-China).
“We are confident that this integration will result in Sosei Heptares being well positioned to achieve its goal of becoming a new and dynamic leader in the Japanese biopharma industry, delivering life-changing medicines to patients globally and allowing us to create significant value to all our key stakeholders.”
Operational Highlights for H1 2023
Note regarding the Idorsia transaction: the Group’s recent transaction with Idorsia Limited occurred after the 30 June 2023 balance sheet date, and therefore the forthcoming quarterly period ending 30 September 2023 (Q3 2023) will be the first period in which the Group consolidates the financial results of Idorsia’s former Japanese business. For reference, on 25 July 2023, Idorsia Limited reported net sales of PIVLAZ® in Japan for the six-month period ended 30 June 2023 of CHF32 million, an increase of CHF21 million (or +184%) vs. the prior corresponding period. As a result of the transaction, the Group’s pro forma Cash and Cash Equivalents as at 31 July 2023 amounted to JPY 43,507 million (US$309 million), having decreased by JPY 22,091 million (US$156 million) from 30 June 2023 as a result of partially funding the transaction.
Financial Highlights for the Six-month Period ended 30June 2023
*Convenience conversion to US$ at the following rates: FY 2023: 1US$ =134.82 JPY; FY 2022: 1US$ =122.83 JPY; 30Jun 2023: 1US$ = 144.78 JPY; 31 Dec 2022: 1US$ = 131.27 JPY **Core operating profit / loss is an alternative performance measure which adjusts for material non-cash costs and one-off costs in order to provide insights into the recurring cash generation capability of the core business.
About Sosei HeptaresSosei Heptares is a fully integrated biopharmaceutical company focused on bringing life-changing medicines based on world-class science to patients globally. Our vision is to become one of Japan’s global biopharmaceutical champions.
Sosei Heptares has a leading development capability and a profitable and growing commercial operation in Japan, which it intends to expand into additional selected markets in the Asia-Pacific region.
Sosei Heptares is advancing a broad and deep pipeline of novel medicines created using its world-leading GPCR-targeted StaR® technology and structure-based drug design platform across multiple therapeutic areas, including neurology, immunology, gastroenterology, and inflammatory diseases.
In addition, we have leveraged our unique discovery and development capabilities to establish multiple value-generating partnerships with world-leading biopharmaceutical companies, including AbbVie, Genentech (Roche), GSK, Lilly, Neurocrine Biosciences, Novartis, Pfizer, Sanofi and Takeda.
Sosei Heptares is headquartered in Tokyo, Japan with corporate and R&D facilities in London and Cambridge, UK.
“Sosei Heptares” is the corporate brand and trademark of Sosei Group Corporation, which is listed on the Tokyo Stock Exchange (ticker: 4565). Sosei, Heptares, the logo and StaR® are trademarks of Sosei Group companies.
For more information, please visit https://soseiheptares.com/LinkedIn: @soseiheptaresco | Twitter: @soseiheptaresco | YouTube: @soseiheptaresco
Sosei Heptares – Media and Investor RelationsHironoshin Nomura, Chief Financial OfficerShinichiro Nishishita, VP Investor Relations, Head of Regulatory DisclosuresMaya Bennison, Communications Manager+81 (0)3 5210 3399 | +44 (0)1223 949390 | [email protected]
MEDiSTRAVA Consulting (for International Media)Mark Swallow, Frazer Hall+44 (0)203 928 6900 | [email protected]
Forward-looking statementsThis press release contains forward-looking statements, including statements about the discovery, development, and commercialization of products. Various risks may cause Sosei Group Corporation’s actual results to differ materially from those expressed or implied by the forward-looking statements, including: adverse results in clinical development programs; failure to obtain patent protection for inventions; commercial limitations imposed by patents owned or controlled by third parties; dependence upon strategic alliance partners to develop and commercialize products and services; difficulties or delays in obtaining regulatory approvals to market products and services resulting from development efforts; the requirement for substantial funding to conduct research and development and to expand commercialization activities; and product initiatives by competitors. As a result of these factors, prospective investors are cautioned not to rely on any forward-looking statements. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Back to newsTokyo, Japan and Cambridge, UK, 4August2023Sosei Group CorporationChris Cargill, President & CEO of Sosei Heptares, commented:Operational Highlights for H1 2023On 15 March 2023, Sosei Group’s share listing was elevated to the Prime Market segment of the Tokyo Stock Exchange from the Growth Market segment – Sosei Heptares’ partner, Tempero Bio, received FDA clearance to advance clinical development of TMP-301 for alcohol and substance use disorders (January) – Centessa Pharmaceuticals nominated ORX750 as its product candidate with potential to be a best-in-class therapy for narcolepsy and other sleep disorders (March)Pfizer announced its decision to prioritize the development of danuglipron over lotiglipron for the treatment of diabetes and obesity (June)Changes to the Board and Executive Management Team (March) – Post-period EventsTransformational acquisition of Idorsia’s pharmaceutical business in Japan and APAC (ex-China) (July) – First subject dosed with HTL0048149 in Phase 1 TrialNote regarding the Idorsia transaction: Financial Highlights for the Six-month Period ended 30June 2023-ENDS-About Sosei HeptaresEnquiries Sosei Heptares – Media and Investor RelationsMEDiSTRAVA Consulting (for International Media)Forward-looking statementsAttachments