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Schrödinger Receives $111.3 Million Distribution from Sale of Nimbus’s TYK2 Inhibitor to Takeda
Expects to Receive an Additional Distribution of Approximately $36 Million Related to Takeda’s Upfront Payment in Second Quarter of 2023, for a Total
About this update from Schrodinger, Inc.
[{"type":"text","content":"\nExpects to Receive an Additional Distribution of Approximately $36 Million Related to Takeda’s Upfront Payment in Second Quarter of 2023, for a Total Distribution of Approximately $147.3 Million\n\n NEW YORK--(BUSINESS WIRE)--\nSchrödinger Inc. (Nasdaq: SDGR), whose physics-based computational platform is transforming the way therapeutics and materials are discovered, today reported the receipt of an $111.3 million cash distribution from Nimbus Therapeutics, LLC (Nimbus) in connection with Takeda’s acquisition of Nimbus Lakshmi, Inc., a wholly-owned subsidiary of Nimbus, and its tyrosine kinase 2 (TYK2) inhibitor NDI-034858. NDI-034858 is being evaluated for the treatment of multiple autoimmune diseases following positive Phase 2b results in psoriasis.\n\nSchrödinger expects to report the first cash distribution as a gain on equity investments in the company’s first quarter 2023 financial statements. Schrödinger expects to receive a second distribution of approximately $36.0 million, also related to Takeda’s $4.0 billion upfront payment to Nimbus, in the second quarter of 2023, for a total cash distribution of approximately $147.3 million.\n\n“We began our journey with Nimbus at its founding in 2009 and we are delighted to see NDI-034858 partnered with Takeda and advancing toward pivotal trials,” stated Ramy Farid, Ph.D., chief executive officer at Schrödinger. “The acquisition validates the power of our physics-based methods to identify novel, potentially best-in-class medicines, and provides Schrödinger with capital to continue to make strategic investments in our platform and pipeline.”\n\n“The acquisition of NDI-034858 underscores the advantage of leveraging cutting-edge computation at scale, and we are proud to have Schrödinger as a partner,” said Jeb Keiper, M.S., MBA, chief executive officer of Nimbus.\n\nSince Nimbus was founded, Schrödinger and Nimbus have collaborated on several programs, including the ACC inhibitor program that Gilead Sciences, Inc. acquired from Nimbus in 2016. As of December 31, 2022, Schrödinger’s equity stake in Nimbus was 3.8% on a fully diluted basis.\n\nAbout Schrödinger\n\nSchrödinger is transforming the way therapeutics and materials are discovered. Schrödinger has pioneered a physics-based computational platform that enables discovery of high-quality, novel molecules for drug development a...