• Total number of shares issued in the conversions is 10,823,881 ordinary shares
  • Amount of Amortizing Bonds outstanding is reduced from €45.0 million to €41.9 million

Leiden, The Netherlands, 26 January 2017: Pharming Group N.V. (“Pharming” or “the Company”) (EURONEXT: PHARM) today announced that it has issued 10,823,881 new shares to holders of the Amortizing Bonds due 2017/8 who have converted some of their Bonds into shares ahead of the due date for payment of the first instalment on those Bonds.  Most of these conversions will be credited against the scheduled first instalment of the Bonds, due on 1 February 2017, reducing the cash due from the Company.  The conversions all took place at the conversion price of the Amortizing Bonds of €0.289 per share, a premium of 30% to the 20-day volume-weighted average price (VWAP) of €0.222 as at 18 November 2016, the business day prior to publication of Pharming’s Rights Issue prospectus on 21 November 2016 which included details of the Amortizing Bonds, and a premium of 41% to the rights price offered to existing shareholders in the rights issue on that date.  As result of these conversions, the total amount outstanding of the Amortizing Bonds  has been reduced from €45.0 million to €41.9 million.

The new shares represent 2.38% of the issued share capital of the Company prior to the issue, and 2.32% of the enlarged issued share capital of the Company. The revised issued share capital of the Company following this issue is 466,411,193 shares.

Dr Sijmen de Vries, Pharming’s CEO commented:

We are very pleased that some holders of these Bonds have decided to convert their bonds rather than be paid cash for the first instalment, as this shows confidence in the rising level of the Pharming share price by those holders.  It also saves the Company cash at a time when we are putting every effort into developing RUCONEST® faster in the United States and Western Europe. These shares have effectively been issued at a significant premium to the share price at the time of completion of the acquisition of the North American commercial rights to RUCONEST from Valeant.”

About HAE

Hereditary Angioedema (HAE) is a rare genetic disorder. The condition is caused by a deficiency of the C1 esterase inhibitor protein, which is normally present in blood and helps control inflammation (swelling) and parts of the immune system. Because defective C1-Inhibitor does not adequately perform its regulatory function, a biochemical imbalance can occur and produce unwanted peptides that induce the capillaries to release fluids into surrounding tissue, thereby causing swelling or edema.

HAE is characterized by spontaneous and recurrent episodes of swelling (edema attacks) of the skin in different parts of the body, as well as in the airways and internal organs. Edema of the skin usually affects the extremities, the face, and the genitals. Patients suffering from this kind of edema often withdraw from their social lives because of the disfiguration, discomfort and pain these symptoms may cause. Almost all HAE patients suffer from bouts of severe abdominal pain, nausea, vomiting and diarrhea caused by swelling of the intestinal wall.

Edema of the throat, nose or tongue is particularly dangerous and potentially life-threatening and can lead to obstruction of the airway passages. Although there is currently no known cure for HAE, it is possible to treat the symptoms associated with angioedema attacks. HAE affects about 1 in 10,000 to 1 in 50,000 people worldwide. Experts believe that a lot of patients are still seeking the right diagnosis: although HAE is (in principle) easy to diagnose, it is frequently identified very late or not discovered at all. The reason HAE is often misdiagnosed is because the symptoms are similar to those of many other common conditions such as allergies or appendicitis. By the time it is diagnosed correctly, the patient has often been through a long-lasting ordeal.


RUCONEST® (recombinant C1 esterase inhibitor) is indicated for the treatment of acute attacks in adult and adolescent patients with hereditary angioedema (HAE). Effectiveness in clinical studies was not established in HAE patients with laryngeal attacks.

RUCONEST contains C1 esterase inhibitor at 50 IU/kg. When administered at the onset of HAE attack symptoms at the recommended dose, RUCONEST may help to return a patient’s C1 esterase inhibitor levels to normal range and relieve the symptoms of an HAE attack with a low recurrence of symptoms within 24 hours.

RUCONEST is the only recombinant C1 esterase inhibitor approved by the U.S. Food and Drug Administration (FDA) and was approved in July 2014.

Recently, RUCONEST® demonstrated very positive data for prophylaxis (prevention) in patients with HAE. If approved for this indication, RUCONEST® will have access to this additional market. RUCONEST®, therefore, has the potential to be the only recombinant C1 esterase inhibitor product approved to target both the acute market (worth approximately $845 million) and the HAE prophylaxis market (separately worth approximately $700 million).

About Pharming Group N.V.

Pharming is a specialty pharmaceutical company developing innovative products for the safe, effective treatment of rare diseases and unmet medical needs. Pharming’s lead product, RUCONEST® (conestat alfa) is a recombinant human C1 esterase inhibitor approved for the treatment of acute Hereditary Angioedema (“HAE”) attacks in patients in Europe, the US, Israel and South Korea. The product is available on a named-patient basis in other territories where it has not yet obtained marketing authorization.

RUCONEST® is commercialized by Pharming in Algeria, Andorra, Austria, Bahrain, Belgium, France, Germany, Ireland, Jordan, Kuwait, Lebanon, Luxembourg, Morocco, Netherlands, Oman, Portugal, Qatar, Syria, Spain, Switzerland, Tunisia, United Arab Emirates, United Kingdom, United States of America and Yemen.

RUCONEST® is distributed by Swedish Orphan Biovitrum AB (publ) (SS: SOBI) in the other EU countries, and in Azerbaijan, Belarus, Georgia, Iceland, Kazakhstan, Liechtenstein, Norway, Russia, Serbia and Ukraine.

RUCONEST® is distributed in Argentina, Colombia, Costa Rica, the Dominican Republic, Panama, and Venezuela by Cytobioteck, in South Korea by HyupJin Corporation and in Israel by Megapharm.

RUCONEST® is also being investigated in a Phase II clinical trial for the treatment of HAE in young children (2-13 years of age) and evaluated for various additional follow-on indications.

Pharming’s technology platform includes a unique, GMP-compliant, validated process for the production of pure recombinant human proteins that has proven capable of producing industrial quantities of high quality recombinant human proteins in a more economical and less immunogenetic way compared with current cell-line based methods. Leads for enzyme replacement therapy (“ERT”) for Pompé and Fabry’s diseases are being optimized at present, with additional programs not involving ERT also being explored at an early stage at present.

Pharming has a long term partnership with the China State Institute of Pharmaceutical Industry (“CSIPI”), a Sinopharm company, for joint global development of new products, starting with recombinant human Factor VIII for the treatment of Haemophilia A. Pre-clinical development and manufacturing will take place to global standards at CSIPI and are funded by CSIPI. Clinical development will be shared between the partners with each partner taking the costs for their territories under the partnership.

Pharming has declared that the Netherlands is its “Home Member State” pursuant to the amended article 5:25a paragraph 2 of the Dutch Financial Supervision Act.

Additional information is available on the Pharming website: www.pharming.com

Forward-looking Statements

This press release of Pharming Group N.V. and its subsidiaries (“Pharming”, the “Company” or the “Group”) may contain forward-looking statements including without limitation those regarding Pharming’s financial projections, market expectations, developments, partnerships, plans, strategies and capital expenditures.

The Company cautions that such forward-looking statements may involve certain risks and uncertainties, and actual results may differ. Risks and uncertainties include without limitation the effect of competitive, political and economic factors, legal claims, the Company’s ability to protect intellectual property, fluctuations in exchange and interest rates, changes in taxation laws or rates, changes in legislation or accountancy practices and the Company’s ability to identify, develop and successfully commercialize new products, markets or technologies.

As a result, the Company’s actual performance, position and financial results and statements may differ materially from the plans, goals and expectations set forth in such forward-looking statements. The Company assumes no obligation to update any forward-looking statements or information, which should be taken as of their respective dates of issue, unless required by laws or regulations.


Pharming Group N.V.

Sijmen de Vries, CEO, Tel: +31 71 524 7400

Bruno Giannetti, COO, Tel: +31 71 524 7400

FTI Consulting:

Julia Phillips/ Victoria Foster Mitchell, Tel: +44 203 727 1136

Lifespring Life Sciences Communication

Leon Melens, Tel: +31 6 53 81 64 27