Santhera Taps Stifel to Broaden Its Global Investor Reach

PRATTELN, Switzerland – February 10, 2026 – Santhera Pharmaceuticals has appointed Stifel Nicolaus Europe Limited as a corporate finance advisor, a strategic move designed to strengthen its access to international capital markets. The announcement signals the Swiss specialty pharmaceutical company's ambition to bolster its financial foundation as it ramps up the global commercialization of its flagship drug for Duchenne muscular dystrophy (DMD), AGAMREE®.

Stifel, a prominent investment bank with a strong healthcare focus, will work alongside Santhera's existing Swiss-based advisor, Octavian AG. The collaboration aims to expand the company's engagement with international institutional investors, a critical step for any biotech firm navigating the capital-intensive journey from drug development to global market success.

A Strategic Play in a Challenging Market

Santhera's decision comes at a pivotal moment for the biotechnology sector. While 2024 was marked by a challenging funding environment with fewer IPOs and tighter capital, the rare disease space has remained a resilient and attractive area for investment. In the first quarter of 2024, rare disease drug developers saw a remarkable 307% year-over-year surge in capital raised, totaling $7.1 billion, driven largely by secondary offerings and private investments in public companies.

This landscape creates both pressure and opportunity. With large pharmaceutical companies facing revenue cliffs and actively seeking to acquire promising assets, companies like Santhera with approved, innovative treatments are in a strong position. However, securing the necessary growth capital requires sophisticated financial navigation. By bringing on Stifel, Santhera is proactively positioning itself to capitalize on this investor interest and secure its long-term financial stability.

Industry observers note that M&A activity remains robust, with a particular focus on mid-cap transactions in oncology and rare diseases. Assets for single-indication rare diseases are especially sought after, partly due to their potential exemption from price negotiations under the U.S. Inflation Reduction Act (IRA), a factor that adds a layer of strategic value to Santhera's AGAMREE.

Fueling the Global Rollout of AGAMREE

The appointment is intrinsically linked to the commercial trajectory of AGAMREE (vamorolone), Santhera's novel dissociative steroid for DMD. The drug has achieved widespread regulatory success, with approvals in the United States, European Union, United Kingdom, China, and Canada, among other key markets.

This success is translating into significant revenue growth. Santhera reported a 70% increase in total revenue to CHF 24 million in the first half of 2025, with product sales growing 76% to CHF 11.6 million. More impressively, global sales of AGAMREE, including those from its commercial partners, surpassed USD 100 million over the four consecutive quarters ending in June 2025. This achievement triggered a milestone payment, further validating the drug's market potential.

However, this rapid growth requires substantial investment. The company is managing increased inventory demands for major markets like the U.S. and China, where demand has reportedly exceeded initial expectations. Santhera's financials from mid-2025 show the classic profile of a company in a high-growth phase: rising revenues coupled with a net loss (CHF -38.8 million in H1 2025) and significant cash utilization for operations. While the company secured CHF 20 million in additional funding from existing investors in September 2025 and aims for cashflow break-even in 2026, expanding its investor base is crucial to de-risk its path to profitability and support the full global launch.

A Dual-Advisor Strategy for Global Reach

The decision to retain Octavian AG while onboarding Stifel points to a well-defined, dual-advisor strategy. Octavian, a portfolio manager licensed by the Swiss Financial Market Supervisory Authority (FINMA) and a recognized representative for the SIX Swiss Exchange, provides essential local expertise, regulatory support, and established research coverage for Santhera.

Stifel brings a different, complementary set of strengths. Its focus on international capital markets and deep expertise in the European and U.S. healthcare sectors, significantly bolstered by its acquisition of Bryan Garnier, makes it an ideal partner for attracting a broader, global institutional investor base. Stifel's track record in advising European growth companies on M&A, equity, and debt transactions positions it to help Santhera explore a full range of strategic financial options.

This synergistic approach allows Santhera to maintain its strong footing in its home market while simultaneously casting a wider net for international capital, ensuring it can connect with the right investors to fund its next stage of corporate development and commercial expansion.

Navigating Future Opportunities and Headwinds

While the outlook for Santhera is promising, the company and the broader rare disease sector face potential headwinds. The long-term impacts of the U.S. Inflation Reduction Act and the uncertain future of the Rare Pediatric Disease Priority Review Voucher (PRV) program, which has been a valuable source of non-dilutive funding for many biotechs, create a complex operating environment.

By strengthening its financial advisory team now, Santhera is building the strategic financial infrastructure needed to navigate these challenges effectively. The move to engage Stifel is a clear signal to the market that the company is not just focused on the immediate success of AGAMREE's launch, but is also planning for sustained, long-term growth. This proactive stance is essential for transforming scientific innovation and regulatory approvals into a durable, commercially successful enterprise dedicated to serving patients with rare neuromuscular diseases.