Core Viewpoint - Health Canada has approved AGAMREE® (vamorolone) for the treatment of Duchenne muscular dystrophy (DMD) in patients aged 4 years and older, marking it as the first approved treatment for DMD in Canada [1][9]. Company Overview - Santhera Pharmaceuticals is a Swiss specialty pharmaceutical company focused on developing innovative medicines for rare neuromuscular diseases with high unmet medical needs [11]. - Kye Pharmaceuticals holds exclusive Canadian commercial rights to AGAMREE for DMD following a sub-license agreement with Santhera's commercialization partner, Catalyst Pharmaceuticals [2]. Product Information - AGAMREE is a novel drug that binds to the same receptor as glucocorticoids but modifies its downstream activity, potentially dissociating efficacy from steroid safety concerns [5]. - In the pivotal VISION-DMD study, AGAMREE met the primary endpoint of Time to Stand (TTSTAND) velocity versus placebo at 24 weeks of treatment, with a p-value of 0.002, and demonstrated a good safety and tolerability profile [6]. Market Context - The Canadian Neuromuscular Disease registry estimates over 800 boys and young men living with DMD in Canada [1]. - AGAMREE is now the sixth independent approval by local health authorities, following approvals in the U.S., Europe, the UK, China, and Hong Kong [3].

Core Insights - Santhera Pharmaceuticals reported a significant increase in total revenue by 70% to CHF 24 million for the first half of 2025, driven by strong sales of AGAMREE and growing royalty revenues [5][23][24] - The company is advancing the global rollout of AGAMREE, particularly in the US, Germany, Austria, and the UK, with expectations for continued growth in sales and market share [3][6][14] - Santhera has secured additional financing of approximately CHF 20 million to support increased product demand and global launches, maintaining a cash-flow break-even guidance for mid-2026 [21][31] Financial Performance - Total revenue increased to CHF 24 million from CHF 14.1 million in H1 2024, with product sales rising 76% to CHF 11.6 million [5][23][24] - Royalties from licensing partners surged to CHF 5.4 million, a 500% increase compared to CHF 0.9 million in H1 2024, indicating strong growth in the US and China [5][24] - Operating loss widened to CHF 35.4 million from CHF 17.7 million in H1 2024, primarily due to a one-time milestone payment of USD 25 million [31][28] Market Expansion - AGAMREE has achieved over 40% market penetration among steroid-using DMD patients in Germany, with Austria exceeding 50% market share [6][7] - The UK market has positively contributed following the nationwide launch in April 2025, supported by favorable NICE guidance [8] - Santhera is actively pursuing pricing and reimbursement discussions in Spain, Italy, and the Nordic regions, with launches expected from Q4 2025 to Q1 2026 [10][11][12] Strategic Initiatives - The company is focusing on expanding its distribution agreements across multiple regions, including five Gulf Cooperation Council countries, India, and Türkiye [15][17] - Santhera plans to present long-term clinical outcomes from the GUARDIAN study in early Q4 2025, which may further support AGAMREE's market position [18] - The company is not planning near-term investments in additional indication expansions for AGAMREE but is looking to leverage partnerships for future studies [19] Leadership and Governance - Santhera appointed Catherine Isted as CFO in February 2025 and Dr. Melanie Rolli to the Board in May 2025, enhancing its leadership team with experienced professionals [20]

Core Viewpoint - Santhera Pharmaceuticals has signed an exclusive agreement with Uniphar for the distribution of AGAMREE® (vamorolone) in several Gulf Cooperation Council (GCC) countries, aiming to provide treatment for Duchenne muscular dystrophy (DMD) patients aged four and older, with sales expected to start in Q1 2026 [1][2]. Group 1: Agreement Details - The agreement allows Uniphar to manage the distribution of AGAMREE in the UAE, Saudi Arabia, Kuwait, Oman, and Bahrain, with sales beginning on a named patient basis in early 2026 and broader commercial sales anticipated later that year [1]. - Santhera will receive a percentage of net sales as payment, consistent with previous distribution agreements [1]. Group 2: Company Commitment and Strategy - Santhera's CEO expressed excitement about the partnership, highlighting Uniphar's regional presence and expertise in addressing the unmet needs of DMD patients in the GCC [2]. - The agreement is part of Santhera's global expansion strategy, which includes multiple regions across North America, Europe, and Asia [2]. Group 3: Product Information - AGAMREE is a novel drug that acts on the same receptor as glucocorticoids but modifies its downstream activity, potentially dissociating efficacy from steroid safety concerns [3]. - In the pivotal VISION-DMD study, AGAMREE met its primary endpoint and demonstrated a good safety profile, with common side effects being mild to moderate [4]. Group 4: Market Position and Regulatory Status - AGAMREE is approved in various regions, including the U.S., EU, UK, China, and Hong Kong, and is positioned as an alternative to existing corticosteroids for DMD treatment [8]. - Santhera has out-licensed rights to AGAMREE for North America and parts of Asia, indicating a strategic approach to market penetration [8].

Core Insights - Santhera Pharmaceuticals has made significant progress in the commercial rollout of AGAMREE® for the treatment of Duchenne Muscular Dystrophy (DMD), with funding from NHS England now available for prescribing in England [1][2] - AGAMREE has received positive final guidance from NICE, and initial sales have already been achieved in Scotland and Wales [1][2] - Kye Pharmaceuticals, a sub-licensee of Catalyst Pharmaceuticals, has received acceptance from Health Canada for AGAMREE's New Drug Submission with Priority Review, potentially leading to its approval as the first treatment for DMD in Canada by the end of 2025 [2] Product Overview - AGAMREE (vamorolone) is a novel drug that binds to the same receptor as glucocorticoids but modifies its downstream activity, positioning it as a dissociative anti-inflammatory drug and an alternative to existing corticosteroids [3][7] - The pivotal VISION-DMD study demonstrated that AGAMREE met the primary endpoint of Time to Stand (TTSTAND) velocity versus placebo (p=0.002) at 24 weeks, with a good safety and tolerability profile [4][5] - Unlike corticosteroids, AGAMREE shows no restriction of growth and has no negative effects on bone metabolism, as indicated by normal serum markers for bone formation and resorption [5] Company Background - Santhera Pharmaceuticals is a Swiss specialty pharmaceutical company focused on developing and commercializing innovative medicines for rare neuromuscular diseases with high unmet medical needs [7] - The company holds an exclusive license for AGAMREE for all indications worldwide and has out-licensed rights for North America to Catalyst Pharmaceuticals and for China and certain Southeast Asian countries to Sperogenix Therapeutics [7][9]