Ovid Therapeutics finds partner for OV101 in Europe

US biotech Ovid Therapeutics (Nasdaq: OVID) and family-owned Italian drugmaker Angelini Pharma have entered into a partnership to manufacture and commercialize the former’s OV101 in Europe, with the news pushing Ovid’s shares up more than 7% to $8.00 in pre-market trading today.

Under the terms of the deal, Angelini will be responsible for developing, manufacturing and commercializing 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 UK) 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 III NEPTUNE trial in Angelman syndrome, with top-line results expected in the fourth quarter of 2020. Ovid acquired exclusive worldwide rights to the compound from Danish CNS specialist Lundbeck (LUN: CO) in 2015, after Merck & Co (NYSE: MRK) returned its rights for the product after disappointing results in a late-stage trial.

Accord offers $212.5 million in milestone payments