Convertible Notes Offering
Anacor is a biopharmaceutical company focused on developing small-molecule therapeutics derived from its boron chemistry platform. Anacor’s first approved drug, Kerydin, is an oxaborole antifungal approved in the U.S. for the topic treatment of onychomycosis of the toenails. Kerydin was approved in July 2014 and subsequently launched in September 2014. In July 2014, the Company entered into a commercialization agreement with Sandoz. Under the terms of the agreement, Sandoz has exclusive rights to distribute and commercialize Kerydin. The Company received $40M upfront with a $25M milestone payment and 50% of the gross profits in 2015 (post-first $50M). The Company has the option to repurchase all rights on the later of 3 years from first commercial sale or December 2017. In June 2015, Anacor announced an amendment to the commercialization agreement with Sandoz. Pursuant to the amendment, both Sandoz and Anacor increased their commercial investment in Kerydin while also raising the minimum profit sharing payments to Anacor. The amendment also reduced the price associated with Anacor’s option to repurchase all rights in Kerydin from Sandoz on December 2017. Anacor’s next lead product candidate is Crisaborole, an anti-inflammatory PDE-4 inhibitor in development for the potential treatment of mild-to-moderate atopic dermatitis. The FDA announced the acceptance of the NDA for Crisaborole on March 22, 2016 with a PDUFA date on January 7, 2017. Anacor’s additional product candidate includes AN3365, an antibiotic for the treatment of infections caused by Gram-negative bacteria. Anacor has also discovered three investigational compounds that it has out-licensed for further development. The first compound is licensed to Eli Lilly and Company for the potential treatment of an animal health indication. The second compound, AN5568, is licensed to Drugs for Neglected Diseases initiative for the potential treatment of human African trypanosomiasis (HAT, or sleeping sickness) and the third compound is licensed to GlaxoSmithKline LLC for development in tuberculosis.