Tokyo, Japan and Cambridge, UK, 10 November 2023 – Sosei Group Corporation (“Sosei Heptares” or “the Company”; TSE: 4565) provides an update on operational activities and reports its consolidated results for the third quarter and nine months ended 30 September 2023. The full report can be found by clicking here.
Chris Cargill, President & CEO of Sosei Heptares, commented: “The third quarter has been an exciting and transformational period for the Group following the acquisition of Idorsia’s pharmaceutical business in Japan and Asia-Pacific (ex-China). The addition of an experienced, high-quality development and commercialization team and two potentially life-changing approved and late-stage assets complements extremely well our world-leading GPCR-targeted discovery and early development business in the UK, enabling us to become a fully integrated biopharmaceutical organization. Together, our enlarged Group can offer broad capabilities, an expanded pipeline addressing multiple therapeutic areas of unmet need, and a lean and agile business model capable of taking drugs from discovery to patients in Japan while progressing existing and initiating new partnerships globally. We are making good progress with the initial integration of these businesses.
“Operationally, we are also delighted to have fulfilled the commitment to file an NDA for daridorexant for approval in Japan as a new treatment for patients with insomnia. At the same time, we continue to build on our core activities that have resulted in the successful advancement of multiple new candidates into clinical studies and collaborative programs.
“We are confident that our bold strategy, actions and potential will position Sosei Heptares as a new and dynamic leader in the Japanese biopharma industry, delivering life-changing medicines to patients globally and allowing us to create significant value for all our key stakeholders.”
Operational Highlights for Q3 2023
Note regarding the Idorsia transaction: the quarter ended 30 September 2023 (Q3 2023) is the first period in which the Group has consolidated the financial results of Idorsia’s former Japanese and South Korean businesses.
Financial Highlights for the Nine-month Period ended 30 September 2023
*Convenience conversion to US$ at the following rates: FY 2023: 1US$ =138.09 JPY; FY 2022: 1US$ =127.94 JPY; 30 Sep 2023: 1US$ = 149.37 JPY; 31 Dec 2022: 1US$ = 131.27 JPY
** Core operating profit / loss is an alternative performance measure which adjusts for material non-cash costs and one-off costs in order to provide insights into the recurring cash generation capability of the core business.