Ovid Therapeutics has reached a deal with AstraZeneca to license a library of early-stage small molecules with the potential to treat epilepsies.
The molecules, including lead candidate, OV350, are designed to treat epilepsies by targeting the K+ Cl- co-transporter (KCC2), which is believed to be important in seizure control.
AstraZeneca originally advanced the program through a collaboration with the Tufts Laboratory for Basic and Translational Neuroscience Research. Ovid, a New York-based biotech focused on rare neurological diseases, said it plans to continue collaborating with the doctors who previously worked on the program.
Per the deal, AstraZeneca will get an up-front payment of $5 million in cash, as well as $7.5 million of Ovid common stock. AstraZeneca could also get $8 million if development milestones are met, and $45 million more if regulatory milestones are met.