WA-based Marina Biotech will acquire Turing Pharmaceuticals' intranasal ketamine program in a $95 million deal.
Marina simultaneously announced that the deal that would sell its nucleic acid therapeutics to Microlin Bio was terminated. Microlin was unable to find terms that were acceptable to its board and shareholders.
In the Turing deal, Turing will shed its TUR-002 drug, which has been studied in post-traumatic stress disorder and suicidality. Marina says it will broaden the research scope after the acquisition.
According to the terms of the deal, Marina will pay Turing up to $95 million in success- and sales-based milestones plus a mid-single-digit royalty on net sales, while Turing will gain 53 million shares in Marina common stock.
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