Idorsia receives payment of 45 million US dollars
The Allschwil-based pharmaceutical company Idorsia receives a payment of 45 million US dollars as part of an agreement with Neurocrine Biosciences and shall also be entitled to claim milestone payments in future. Neurocrine has exercised a licensing option for a drug developed by Idorsia to treat epilepsy.
Idorsia headquarter in Allschwil (img: Idorsia)
Idorsia has developed a T-type calcium channel blocker in the form of ACT-709478 that should facilitate treatment of a rare form of epilepsy in children. According to a press release, Idorsia has agreed a licensing agreement with Neurocrine Biosciences. As the US company has now decided to take up its option to license the global development and marketing rights to ACT-709478, Idorsia is set to receive fixed payments as part of the agreement.
In this context, the company based in Allschwil receives an upfront payment of 45 million US dollars. Moreover, Idorsia will be entitled to claim milestone payments up to a potential total of 365 million US dollars in addition to tiered royalties dependent on net sales figures. Neurocrine Biosciences is already planning to launch a Phase II study in the second half of 2020.
“If the efficacy of our selective T-type calcium channel blocker seen in preclinical models is confirmed in children with rare pediatric epilepsy, it could transform the life of children with this disease”, comments Martine Clozel, Chief Scientific Officer of Idorsia, in the press release. Furthermore, this is a case where collaborating with a partner allows greater progress to be made in further development processes.
Share this article
You may also be interested in
Moderna is opening a location in Basel and is advancing the production of the coronavirus vaccine from there. The Swiss government has just signed a supply contract with the US company for 4.5 million doses of the vaccine.Read More
The Japanese conglomerate Yokogawa has established a Swiss subsidiary based at the Switzerland Innovation Park Basel Area. Here, the focus will be on driving forward innovation in the field of biotechnology.Read More
The Werner Siemens Foundation is to invest an additional 12 million Swiss francs in the Miracle project. Researchers at the University of Basel are developing visionary technology for the use of robots in surgery within the framework of this project.Read More
The Basel-based biopharmaceutical company Versameb has successfully closed a seed financing round. Versameb develops therapies on the basis of mRNA sequences and is now seeking to drive forward the clinical development of its platform devised for this.Read More