(CercleFinance.com) – US biopharmaceutical company Ovid Therapeutics announced Monday that it has signed a licensing agreement with AstraZeneca for proteins called KCC2 to develop a new treatment for epilepsy.
Under this exclusive agreement, Ovid will obtain from AstraZeneca a portfolio of early stage small molecules that target KCC2 transporters.
The agreement relates in particular to OV350, a compound that could help restore inhibition within neural networks under pathological conditions such as neuronal hyperexcitability, explains Ovid.
The contract provides for the payment to AstraZeneca of an upfront payment of $ 5 million in cash, together with the payment of $ 7.5 million in Ovid shares.
Depending on the progress of the project, AstraZeneca could receive an additional $ 8 million, or even $ 45 million if the product is approved.
In total, the payments could reach 150 million dollars, in addition to the royalties to be collected on the sales of the drug.
Copyright (c) 2022 CercleFinance.com. All rights reserved.