Chromocell inks up to $515 million deal with Astellas on pain therapies

US privately-held biotech firm Chromocell Corp has entered into a license and collaboration agreement with Japanese drug major Astellas Pharma (TYO: 4503) for the development and commercialization of therapeutics to treat neuropathic and other pain conditions.

Astellas obtains worldwide rights to commercialize CC8464 and back-up drug candidates to treat pain that have been identified through Chromocell's Chromovert technology platform.  Chromocell receives $15 million as an up-front payment and is eligible to receive over $500 million, including development and commercial milestones, as well as double digit royalties on sales if CC8464 is successfully commercialized.

Chromocell will conduct all development of CC8464 through the initial Phase IIa proof-of-concept clinical trial in neuropathic pain. Astellas will lead all further development activities through to commercialization of CC8464 for the treatment of peripheral neuropathic pain.