Danish CNS specialist Lundbeck (LUN: CO) has entered into an exclusive worldwide license agreement with privately-held US biotech start-up Ovid Therapeutics for gaboxadol.
Lundbeck notes that gaboxadol is the first oral medicine which holds the potential to treat patients with Angelman syndrome and Fragile X syndrome. Gaboxadol (OV101) is the only small molecule, highly selective extrasynaptic GABA(A) receptor agonist (SEGA) that has been tested in clinical trials. Ovid is focused on developing therapies for rare and orphan diseases of the brain.
Under the terms of the accord, Ovid obtained exclusive worldwide development and commercialization rights for OV101. In connection with the license, Lundbeck became a minority shareholder in Ovid, and will receive certain milestone payments and royalties on sales. Ovid is responsible for all future development and commercialization for OV101. Additional financial terms were not disclosed.
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