Corium sells off CDMO business for $400m
Corium had previously run its contract development and manufacturing organization (CDMO) from within the larger company, but decided to sell its stake in the business to Webster Equity Partners.
The standalone CDMO business will be known as Corium Pharma Solutions, which Webster will acquire through an investment of more than $400m (€408m). Of this total, $100m is comprised of an equity investment by Webster.
A spokesperson for the company confirmed that the CDMO will be jointly owned by Webster and Gurnet Point, with Corium having no stake in the business.
Previously, Gurnet Point acquired ownership of the Corium business in 2018 for a cost of $500m.
According to the companies, the CDMO will focus on expanding its drug and consumer product capabilities, whilst also maintaining its current manufacture and supply of Corium’s product, Adlarity (donepezil transdermal system).
Corium Pharma Services will be able to offer its transdermal technology platform as part of its development services. The CDMO possesses Corplex technology, which is able to administer small molecule treatments through the skin to provide either immediate or sustained release profiles. The company also owns MicroCor technology that allows for needle-free delivery of biologics through the skin.
The biopharma business has two commercial products, which have both been approved by the US Food and Drug Administration (FDA) in the last two years.
The first is Azstarys (serdexmethylphenidate and dexmethylphenidate) that is a once-daily central nervous system (CNS) stimulant approved for use as a treatment of attention deficit hyperactivity disorder (ADHD) in patients older than six years of age.
In September 2022, Corium announced that its Adlarity product had been launched in the US market, after receiving approval by the FDA earlier in the year for the treatment of Alzheimer’s disease.
The product delivers donepezil, an acetylcholinesterase inhibitor, through a once-weekly patch to deliver consistent doses through the skin. The product has been in development for a number of years, with the transdermal patch being pursued as a means to avoid gastrointestinal side-effects seen in oral formulations.
Both treatments were brought to the market through a partnership with KemPharm. Azstarys was developed by KemPharm, and Corium agreed a licensing agreement for the exclusive worldwide rights to develop, manufacture and commercialize the treatment.
On Adlarity, KemPharm provided development and regulatory assistance related to Corium’s resubmission of its new drug application for the treatment.