Lex­i­con bids farewell to top sell­er Xer­me­lo in re­or­ga­ni­za­tion to­ward R&D pipeline

Three years ago, Lex­i­con Phar­ma­ceu­ti­cals was fly­ing high fol­low­ing the FDA ap­proval and com­mer­cial launch of its Xer­me­lo drug, which treats car­ci­noid syn­drome di­ar­rhea.

But now the com­pa­ny is say­ing good­bye to its top sell­er as it pares down debt and re­or­ga­nizes to fo­cus on its R&D pipeline. In what CEO Lon­nel Coats de­scribed as a “bit­ter­sweet” mo­ment, Lex­i­con an­nounced Thurs­day the sale of Xer­me­lo to TerSera for $155 mil­lion in up­front pay­ments and $4 mil­lion in ex­ist­ing in­ven­to­ry. Lex­i­con can re­ceive an ad­di­tion­al $65 mil­lion in mile­stone pay­ments re­lat­ing to bil­iary tract can­cer and roy­al­ties on fu­ture Xer­me­lo sales.

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