Recordati completes acquisition of Signifor, Signifor LAR and osilodrostat from Novartis.

Recordati announced the successful completion of the acquisition from Novartis of worldwide rights to Signifor and Signifor LAR for the treatment of Cushing�s disease and acromegaly in adult patients for whom surgery is not an option or for whom surgery has failed, following the agreement signed on 12 July 2019. The acquisition also covers the worldwide rights to osilodrostat (LCI699), an investigational innovative drug for the treatment of endogenous Cushing�s syndrome, for which marketing authorization applications have been filed in the European Union and in the USA.

Upon closing of the transaction a consideration of $ 390 million (� 351 million) was paid to Novartis. Subsequently, additional milestone payments contingent upon the approval and market access of osilodrostat as well as royalties on sales of this new product, will be due.