Collaboration leverages Tenacia’s expertise in central nervous system drug development and commercialization and will address a significant unmet patient need
Ulixacaltamide is currently in development for the treatment of essential tremor. (Credit: Towfiqu barbhuiya on Unsplash)
Praxis Precision Medicines, a clinical-stage biopharmaceutical company translating genetic insights into the development of therapies for central nervous system (CNS) disorders characterised by neuronal excitation-inhibition imbalance, today announced an exclusive collaboration and license agreement with Tenacia Biotechnology (Shanghai) Company, a China-based clinical-stage biopharmaceutical company focused on CNS drug development and commercialization.
Under the agreement, Tenacia will develop and commercialize ulixacaltamide for the treatment of essential tremor in Greater China, including mainland China, Hong Kong, Macau, and Taiwan.
“Our collaboration with Tenacia is an important step to bringing the innovation of ulixacaltamide to essential tremor patients in China, where there is a significant unmet need,” said Marcio Souza, president and chief executive officer of Praxis. “We are impressed by Tenacia’s strong leadership team, with vast experience developing and commercializing CNS treatments, and we look forward to a strong partnership together.”
“Essential tremor is a significant public health problem affecting at least 10 million people in China with a limited pipeline of novel therapies or potential treatments. Ulixacaltamide demonstrates promising potential to be an innovative, efficacious and safe therapy to essential tremor. We are excited to partner with Praxis to bring this innovative treatment to patients in Greater China,” said Xiaoxiang Chen, chief executive officer of Tenacia.
As part of the collaboration agreement, Praxis will receive $15 million up front, including $5 million in cash and a $10 million investment in Praxis common stock.
Additionally, Praxis will be eligible for an additional $264 million in development, regulatory and commercialisation milestone payments, as well as tiered royalties on net sales.
Sidley Austin served as legal counsel to Praxis. Ropes & Gray served as legal counsel to Tenacia.
Source: Company Press Release