Forward obtains shareholder approval for Settlement and License Agreement with Biogen
COPENHAGEN, Denmark, Feb. 01, 2017 (GLOBE NEWSWIRE) -- Forward Pharma A/S (NASDAQ:FWP) (“we” or “Forward”) today announced that, at an extraordinary general meeting of its shareholders held on February 1, 2017 (the “Extraordinary General Meeting”), the requisite two-thirds majority of the votes cast as well as the share capital represented at the Extraordinary General Meeting approved the entry into a Settlement and License Agreement with two wholly owned subsidiaries of Biogen Inc. and certain other parties (the “License Agreement”).
Forward is entitled to a non-refundable cash fee of US$ 1.25 billion within five business days of the Extraordinary General Meeting pursuant to the terms of the License Agreement. Under certain circumstances, Biogen will also be obligated to pay Forward royalties of up to 10-20% of net sales of Biogen products, including Tecfidera, approved for the treatment of multiple sclerosis that are covered by a Forward patent and have dimethyl fumarate as an active pharmaceutical ingredient.
Forward expects to file today a Form 6-K with the United States Securities and Exchange Commission noting the results of the Extraordinary General Meeting. The summary of the License Agreement above does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the License Agreement filed as an exhibit to the Form 6-K filed on January 17, 2017 and is also available on Forward’s website, http://www.forward-pharma.com, and Forward shareholders are strongly urged to read the License Agreement in its entirety.
About Forward Pharma:
Forward Pharma A/S is a Danish biopharmaceutical company developing FP187, a proprietary formulation of DMF (dimethyl fumarate) for the treatment of inflammatory and neurological indications. Since our founding in 2005, we have worked to advance unique formulations of DMF, which is an immune modulator, as a therapeutic agent to improve the health and well-being of patients with immune disorders including multiple sclerosis. FP187, our clinical candidate, is a DMF formulation in a delayed and slow release oral dose.
Our principal executive offices are located at Østergade 24A, 1st Floor, 1100 Copenhagen K, Denmark and our American Depositary Shares are publicly traded on NASDAQ Stock Market (FWP). For more information about the Company’s products and developments, please visit our web site at http://www.forward-pharma.com.
Forward Pharma A/S Media Contact:
Sharon Klahre, Director, Investor Relations
Forward Pharma USA, LLC
7 Skyline Drive
Hawthorne, NY 10532
The Ruth Group
Forward Pharma A/S