ProQR Therapeutics has signed an agreement to sell its late-stage ophthalmic assets, sepofarsen and ultevursen, to independent eye care group Laboratoires Théa.

Sepofarsen is an investigational RNA therapy designed to restore vision in Leber congenital amaurosis 10 due to the c.2991+1655A>G mutation in the CEP290 gene.

It is intended to be dosed via intravitreal injections in the eye and has been granted orphan drug designation in the US and the European Union (EU).

The second asset ultevursen is an investigational RNA therapy designed to address the underlying cause of vision loss in Usher syndrome type 2a and non-syndromic retinitis pigmentosa due to mutations in exon 13 of the USH2A gene.

It has secured orphan drug designation in the US and the EU.

According to the terms of the agreement, ProQR will get an initial payment of €12.5m and will also be eligible for up to €135m in further development, regulatory, and commercial payments.

Additionally, ProQR will also get additional earnouts up to high teens percentage as per the commercial sales in the US and EU.

ProQR founder and CEO Daniel A. de Boer said: “Théa’s proven expertise in the research, development, and commercialisation of eye care products makes them the ideal company to continue the development of sepofarsen and ultevursen for patients with rare genetic eye diseases.”

The divestment of sepofarsen and ultevursen is expected to aid ProQR to continue progress in its pipeline programmes AX-0810 and AX-1412 that target genetic illnesses with liver origins. It will also help in strategic focus on the Axiomer RNA editing technology platform.

To oversee these two projects, Théa is currently establishing a new organisation and a completely devoted team with expertise in inherited retinal illnesses.

Théa group president Jean-Frédéric Chibret said: “For nearly 30 years, Théa has been committed to bringing the most modern and diverse range of innovative ophthalmic products to the market for the benefits of eye care practitioners and patients.

“We are very excited to continue the development of sepofarsen and ultevursen for patients.”

The deal is anticipated to be finalised in the third quarter of 2023, subject to the satisfaction of certain closing conditions.