NeuroVive out-licenses targeted LHON therapy
Swedish mitochondrial medicine firm NeuroVive Pharmaceutical (Nasdaq OMX: NVP) has entered into an exclusive licensing agreement with USA-based biotech BridgeBio Pharma for a subset of succinate prodrug chemistry under NeuroVive's NVP015 program.
BridgeBio also announced that it has launched a subsidiary company Fortify Therapeutics to further develop this chemistry for local treatment of Leber's hereditary optic neuropathy (LHON), with an initial financial commitment of $20 million. NeuroVive's NVP015 program for other mitochondrial disorders will continue without any changes in focus or timelines.
The licensing agreement for this particular subset of the NVP015 program has a total deal value of around $60 million, which includes limited initial funding for research, and later milestone payments and a single digit royalty stream, that are dependent on successful development and market approval.
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