PR85075

TOKYO and BASEL, Switzerland, August 11, 2020 /PRNewswire=KYODO JBN/ --

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(R), Eversense(R) 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."

Photo: https://mma.prnewswire.com/media/1226338/Eversense_CGM.jpg    

Logo: https://mma.prnewswire.com/media/749389/Ascensia_Diabetes_Care_Logo.jpg 

Source: Ascensia Diabetes Care only and PHC Holdings Corporation