Tokyo and Basel, Switzerland (ots/PRNewswire) - PHC Holdings
Corporation and Ascensia Diabetes Care, a PHC Group company, today
announced a strategic partnership with Senseonics Holdings, Inc., a
medical technology company focused on the development and
commercialization of long-term, implantable continuous glucose
monitoring (CGM) systems for people with diabetes. The partnership
comprises a global commercialization and distribution agreement and a
concurrent financing agreement.
As part of the commercialization and distribution agreement, Ascensia
has been appointed the exclusive global distribution partner for
Senseonics' CGM systems, including Eversense®, Eversense® XL and
future generation products in development, such as the 365-day
implantable sensor. In the U.S., Ascensia will initiate marketing and
sales activities of the Eversense product in the coming months, in
collaboration with Senseonics, and will take over full responsibility
in the first quarter of 2021. In Europe, Ascensia will begin
commercialization activities in selected countries once Senseonics'
existing distribution relationships have concluded.
Under the terms of the agreement, the exclusive distribution rights
to Senseonics' products are expected to last through 2025, with the
exact timing dependent on factors including the launch dates for
certain future generation products.
As part of the financing agreement, PHC Holdings Corporation, the
parent company of Ascensia, has made an initial strategic investment
of USD $35 million into Senseonics in the form of convertible debt
securities. In addition, a further USD $15 million investment will be
provided in exchange for Senseonics convertible preferred equity,
upon FDA approval of the 180-day Eversense product.
"We are thrilled to be entering into this partnership with Senseonics
and strongly believe in the value of the Eversense technology. They
have highly accurate and effective products on the market and a
strong pipeline of innovative solutions that can address the needs of
people with diabetes. We are excited by their future generation
products, particularly the 365-day sensor, which we think has the
potential to simplify diabetes management and improve lives,"
explained Robert Schumm, President of Ascensia Diabetes Care and
Diabetes Management Domain Head, PHC Group.
He added, "This partnership is the next step in building a
world-class diabetes care franchise for Ascensia, as we look to
expand our business beyond blood glucose monitoring. It will enable
us to establish a presence in the CGM market, especially in the U.S.
and Europe, and will further strengthen our existing portfolio of
products. We believe that the combination of our commercial expertise
and infrastructure, alongside Senseonics' product development and
clinical expertise, will help to get the Eversense and Eversense XL
products into the hands of people with diabetes who can benefit from
them. Our aim is to work together to bring these highly effective
technologies to more people with diabetes, therefore providing
further choice in CGM for diabetes management. We look forward to
launching the 180-day Eversense product in the U.S. and a long and
successful relationship with Senseonics."
"We are extremely excited to be partnering with Ascensia, a global
leader in the diabetes technology space. Ascensia is well known for
their high-quality CONTOUR products used by more than 10 million
patients worldwide to help manage their diabetes," said Tim Goodnow,
PhD, President and CEO of Senseonics. "Their global commercial
infrastructure and commitment to the Eversense systems will drive
market penetration, while allowing Senseonics to focus on further
development of our implanted technology."
Digital press kit: http://www.ots.at/pressemappe/PR147142/aom
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