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Ovid Therapeutics and Angelini Pharma Enter into Exclusive License Agreement to Develop, Manufacture and Commercialize OV101 for the Treatment of Angelman Syndrome in Europe
NEW YORK and ROME, July 13, 2020 /PRNewswire/ -- Angelini Pharma obtains exclusive development, manufacturing and commercialization rights to OV101
About this update from Ovid Therapeutics Inc.
[{"type":"text","content":"NEW YORK and ROME, July 13, 2020 /PRNewswire/ -- \n\n \n \n \n \n \n \n\n \nAngelini Pharma obtains exclusive development, manufacturing and commercialization rights to 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 Ovid Therapeutics will receive an upfront payment of $20 million and additional payments of up to $212.5 million upon the achievement of development, manufacturing and sales milestones, in addition to double-digit royalties on net sales if successfully commercialized Angelini Pharma will execute the agreement through its new affiliate Angelini Pharma Rare Diseases AG Ovid to host conference call and webcast today at 8:30 a.m. EDT Ovid Therapeutics Inc. (NASDAQ: OVID) (hereinafter \"Ovid\"), a biopharmaceutical company committed to developing medicines that transform the lives of people with rare neurological diseases, and Angelini Pharma S.p.A. (hereinafter \"Angelini Pharma\"), an Italian family-owned pharmaceutical company committed to helping patients with a constant and prevalent focus on Mental Health, Rare Diseases and Consumer Health, announced an agreement in which Angelini Pharma will be responsible to develop, manufacture and commercialize OV101 (gaboxadol) for the potential treatment of Angelman syndrome in the European Union, other countries in the European Economic Area, Switzerland, Turkey, United Kingdom and Russia. Angelini Pharma will execute the agreement through its new affiliate Angelini Pharma Rare Diseases AG. OV101 is believed to be the only delta (δ)-selective GABAA receptor agonist in development, and is currently being evaluated in the pivotal Phase 3 NEPTUNE trial in Angelman syndrome, with topline results expected in the fourth quarter of 2020.\nUnder the terms of the agreement, Ovid will receive an upfront payment of $20 million and is eligible to receive up to an additional $212.5 million in payments upon the achievement of development, manufacturing and sales milestones for the initial indication (Angelman syndrome), as well as double-digit royalties on net sales if OV101 is successfully commercialized. Ovid will retain all U.S. and rest-of-world commercial rights to OV101.\n\"We are excited to enter into a strategic collaboration with Angel...