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Ovid Therapeutics Reports Fourth Quarter and Full Year 2020 Financial Results, Provides Corporate Update for 2021
Announced signing of transaction transferring Ovid’s 50% of global rights to develop and commercialize soticlestat (TAK-935/OV935) to Takeda, under which Ovid
About this update from Ovid Therapeutics Inc.
[{"type":"text","content":"Announced signing of transaction transferring Ovid’s 50% of global rights to develop and commercialize soticlestat (TAK-935/OV935) to Takeda, under which Ovid is eligible to receive up to $856 million in payments, including an upfront payment of $196 million at closing Two pivotal Phase 3 trials of soticlestat in Dravet syndrome and Lennox-Gastaut syndrome on track to commence in the second quarter of 2021, and upon the successful closing of the transaction, to be fully funded and conducted by Takeda Cash balance, upon successful closing of the transaction, provides resources to develop and continue to build an exciting pipeline and platform of technologies NEW YORK, March 15, 2021 (GLOBE NEWSWIRE) -- Ovid Therapeutics Inc. (NASDAQ: OVID) (“Ovid”), a biopharmaceutical company committed to developing medicines that transform the lives of people with rare neurological diseases, today reported financial results for the fourth quarter and full year ended December 31, 2020 and provided an overview of the Company’s recent progress. “This new agreement with Takeda strategically positions Ovid, upon closing, to advance our next generation neuroscience pipeline, while demonstrating the value we helped to create for soticlestat by bringing it to the initiation of two pivotal Phase 3 trials,” said Jeremy M. Levin, DPhil, MB, BChir, Chairman and Chief Executive Officer of Ovid Therapeutics. “Importantly, we believe this is a positive outcome for patients, potentially accelerating soticlestat’s clinical development with the potential to make this new treatment commercially available in 2024. We are excited for next steps both for this asset and for our pipeline, as we work to file three INDs over the next three years and in tandem pursue an active business development initiative.” Corporate Update In March 2021, Ovid announced that it entered into an agreement with Takeda Pharmaceutical Company Limited (“Takeda”) under which Takeda will secure global rights at closing from Ovid to develop and commercialize the investigational medicine soticlestat (TAK-935/OV935) for the treatment of developmental and epileptic encephalopathies (the “transaction”), including Dravet syndrome (DS) and Lennox-Gastaut syndrome (LGS). On closing, Takeda will assume sole responsibility for further worldwide development and commercialization, and Ovid will no longer...