KUALA LUMPUR, July 14 -- Biopharmaceutical company, Ovid Therapeutics Inc (Ovid) and Angelini Pharma S.p.A. (Angelini Pharma) have entered into an exclusive licence agreement to develop, manufacture and commercialise OV101 for the treatment of Angelman syndrome in Europe.
“We believe this partnership with Angelini will help to maximise the potential commercial value of OV101 and achieve our strategic objectives in this important geography,” said Ovid Therapeutics Chairman and Chief Executive Officer (CEO), Jeremy Levin, DPhil, MB, BChir.
Angelini Pharma will be responsible to develop, manufacture and commercialise OV101 (gaboxadol) for the potential treatment of Angelman syndrome in the European Union and other countries in the European Economic Area (Switzerland, Turkey and the United Kingdom) and Russia.
According to a statement, Angelini Pharma will execute the agreement through its new affiliate Angelini Pharma Rare Diseases AG, while Ovid will retain all US and rest-of-world commercial rights to OV101.
“Through our collaboration with Ovid Therapeutics, we are laying the foundation to developing innovative health solutions for rare diseases, in line with Angelini Pharma’s new strategy,” said Angelini Pharma CEO, Pierluigi Antonelli.
Under the terms of the agreement, Ovid will receive an upfront payment of US$20 million and is eligible to receive up to an additional US$212.5 million in payments upon the achievement of development, manufacturing and sales milestones, in addition to double-digit royalties on net sales if successfully commercialised. (US$1 = RM4.268)
Rothschild & Co acted as advisor to Ovid on the collaboration agreement.
-- BERNAMA
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