Contingent Value Rights (CVR) FAQ

Related to Amryt’s acquisition of Aegerion Pharmaceuticals, Inc. in September 2019, Amryt issued Contingent Value Rights (‘‘CVRs’’) pursuant to which up to US $85,000,000 may become payable to Amryt’s shareholders and option-holders who were on the register at September 20, 2019 if certain approval and revenue milestones are met in relation Oleogel-S10.

The CVR’s are divided into three milestones which are related to the success of Oleogel-S10:

FDA CVR

  • US $35,000,000 upon FDA approval
  • 100% of the amount due if approval is obtained before December 31, 2021, with a sliding scale on a linear basis to zero if before July 1, 2022

EMA CVR

  • US $15,000,000 upon EMA approval
  •  100% of the amount due if approval is obtained before December 31, 2021, with a sliding scale on a linear basis to zero if before July 1, 2022

Revenue CVR

  • US $35,000,000 upon Oleogel-S10 revenues exceeding US $75,000,000 in any 12-month period prior to June 30, 2024

If any such milestone is achieved, Amryt may elect to pay the holders of CVRs by the issue of Amryt shares or Loan Notes. If Amryt elects to issue Loan Notes to holders of CVRs, it will settle such loan notes in cash 120 days after their issue. If none of the milestones are achieved, scheme shareholders and option-holders will not receive any additional consideration under the terms of the CVRs. In these circumstances, the value of each CVR would be zero.

FAQs

1. DOES AMRYT’S DELISTING FROM THE AIM MARKET AFFECT MY CONTINGENT VALUE RIGHTS?

No – CVR’s were granted to those who held ordinary shares in Amryt at September 20, 2019 and are a standalone instrument, Amryt’s AIM delisting does not have any effect on CVR’s or the rights attached to them.

2. Does the extension of the (FDA) PDUFA date from november 30th 2021 to february 28th 2022 affect my FDA CVR?

100% of the FDA CVR (US $35,000,000 upon FDA approval) would have been due if FDA approval was obtained for Oleogel-S10 before December 31, 2021. As the PDUFA date has now been extended to February 28, 2022, if approval is obtained post December 31, 2021 the amount due will be on a sliding scale on a linear basis to zero if approved before July 1, 2022.

3. Does the extension of the (EMA) CHMP opinion to January 2022 affect my EMA CVR?

100% of the EMA CVR (US $15,000,000 upon EMA approval) would have been due if EMA approval was obtained for Oleogel-S10 before December 31, 2021. As the CHMP opinion has extended to January, 2022, if approval is obtained post December 31, 2021 the amount due will be on a sliding scale on a linear basis to zero if approved before July 1, 2022.

4. Does the extension of the (FDA) PDUFA date from november 30th 2021 to february 28th 2022 and the (EMA) CHMP opinion to January 2022 affect my revenue cvr?

100% of the Revenue CVR (US $35,000,000) will still become due if Oleogel-S10 revenues exceed US $75,000,000 in any 12-month period prior to June 30, 2024.