Sosei Subsidiary Heptares and Teva Enter Agreement to Discover and Develop Novel Small Molecule CGRP Antagonists for Treatment of Migraine
Teva to receive worldwide development and commercial rights to novel CGRP antagonists
Heptares to receive $10 million upfront with up to $400 million in potential milestone payments
Tokyo, Japan – 25 November 2015: Sosei Group Corporation (“Sosei”; TSE Mothers Index: 4565) today announces that its wholly-owned subsidiary Heptares Therapeutics (“Heptares”) and Teva Pharmaceutical Industries Ltd (NYSE: TEVA, “Teva”), have entered into a licensing and drug-discovery agreement under which Teva will receive exclusive global rights to develop, manufacture and commercialize novel, small molecule calcitonin gene-related peptide (CGRP) antagonists discovered by Heptares for the treatment of migraine.
Under the terms of the agreement, Heptares will receive an upfront payment of $10 million, research funding, and is eligible to receive additional research, development and commercialization milestone payments of up to $400 million. In addition, Heptares will be eligible to receive royalties on net sales of products resulting from the alliance.
“We are delighted to begin this partnership with Heptares, which through its industry leading, structure-based design approach has generated novel CGRP antagonists with significant promise for treating migraine,” said Michael Hayden, MD, PhD, President of Global R&D and Chief Scientific Officer at Teva. “CGRP antagonism represents an exciting opportunity to treat migraine. We believe small-molecule CGRP antagonists offer further opportunities that are highly complementary to our promising candidate, TEV-48125, an anti-CGRP antibody.”
“This agreement is an exciting development for our CGRP antagonist program,” added Malcolm Weir, Chief Executive Officer of Heptares and Chief R&D Officer of Sosei Group. “Teva brings world-leading clinical and commercial expertise in migraine to advance this program based on differentiated small-molecule CGRP antagonists discovered using our novel structure-based drug design technologies. The commitment Teva is making allows us to expand this promising program.”