Rigel Pharmaceuticals Signs Material Definitive Agreement

TL;DR

Rigel Pharma just signed a big deal, details TBD.

AI Summary

On September 3, 2024, Rigel Pharmaceuticals, Inc. entered into a material definitive agreement. The filing does not disclose specific details of the agreement, such as the counterparty or financial terms, but indicates it is a significant event for the company.

Why It Matters

This filing signals a significant development for Rigel Pharmaceuticals, potentially impacting its strategic direction, partnerships, or financial standing.

Risk Assessment

Risk Level: medium — The lack of specific details in the filing creates uncertainty about the nature and implications of the agreement, warranting a medium risk assessment.

Key Players & Entities

• RIGEL PHARMACEUTICALS, INC. (company) — Registrant
• September 3, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.001 — h Registered Common Stock, par value $0.001 per share RIGL The Nasdaq Stock Mar
• $10.0 m — will receive an upfront cash payment of $10.0 million, with the potential for an additi
• $152.5 million — n, with the potential for an additional $152.5 million in development, regulatory and commerci
• $3.0 m — of the costs incurred by Kissei, up to $3.0 million, which are creditable against fut
• $2.3 million — for olutasidenib from Kissei, including $2.3 million upon Rigel's receipt of the upfront cas
• $10.0 million — receipt of the upfront cash payment of $10.0 million. Rigel remains responsible for the man

Filing Documents

• tm2423224d1_8k.htm (8-K) — 31KB
• 0001104659-24-096047.txt ( ) — 202KB
• rigl-20240903.xsd (EX-101.SCH) — 3KB
• rigl-20240903_lab.xml (EX-101.LAB) — 33KB
• rigl-20240903_pre.xml (EX-101.PRE) — 22KB
• tm2423224d1_8k_htm.xml (XML) — 4KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On September 3, 2024, Rigel Pharmaceuticals, Inc. (" Rigel ") entered into a collaboration and license agreement (the " License Agreement ") and a supply agreement (the " Supply Agreement ") with Kissei Pharmaceutical Co., Ltd. (" Kissei "). Pursuant to the terms of the License Agreement, Kissei received exclusive rights to develop and commercialize olutasidenib in all human diseases in Japan, the Republic of Korea (Korea) and Taiwan (the " Kissei Territory "). The parties' collaboration is governed through a joint steering committee and appropriate subcommittees. Kissei is responsible for performing and funding the development activities for olutasidenib in the Kissei Territory and Rigel retained the co-exclusive right to conduct development activities in the Kissei Territory solely for the purpose of supporting and obtaining regulatory approval of and commercializing olutasidenib in the world outside the Kissei Territory. Rigel retained the global rights, excluding the Kissei Territory, to commercialize olutasidenib. Under the terms of the License Agreement, Rigel will receive an upfront cash payment of $10.0 million, with the potential for an additional $152.5 million in development, regulatory and commercial milestone payments, and will receive mid twenty to lower thirty percent, tiered, escalated net sales-based payments for the supply of olutasidenib, subject to certain customary reductions and offsets . Pursuant to the License Agreement, Kissei is responsible for companion diagnostic development in Japan, for which Rigel will share fifty percent of the costs incurred by Kissei, up to $3.0 million, which are creditable against future milestones and transfer price payments owed to Rigel. In August 2022, Rigel and Forma Therapeutics, Inc., now Novo Nordisk (" Forma ") announced an exclusive, worldwide license agreement to develop, manufacture and commercialize olutasidenib. Forma is entitled to a certai

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains forward-looking statements relating to, among other things, Rigel's receipt of payments from Kissei under the License Agreement and the Supply Agreement. Any such statements that are not statements of historical fact may be deemed to be forward-looking statements. Words such as "planned," "may," "expects," "intends" and similar expressions are intended to identify these forward-looking statements. These forward-looking statements are based on Rigel's current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward looking statements as a result of these risks and uncertainties, which include, without limitation, those risks and uncertainties relating to that the FDA, EMA or other regulatory authorities may make adverse decisions regarding olutasidenib; that olutasidenib clinical trials may not be predictive of real-world results or of results in subsequent clinical trials; the availability of resources to develop, manufacture and commercialize olutasidenib; market competitions; Rigel's partners' ability to obtain marketing approval for olutasidenib; and whether and when any of the milestone payments or product transfer price payments will ever be paid under these agreements, as well as other risks detailed from time to time in Rigel's reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. Rigel does not undertake any obligation to update any forward-looking statements and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein, except as required by law.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: September 3, 2024 RIGEL PHARMACEUTICALS, INC. By: /s/ Raymond J. Furey Raymond J. Furey Executive Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR