Takeda Pharmaceutical is spending up to $856 million to purchase an experimental epilepsy drug from Ovid Therapeutics.
The drug, soticlestat, is a first-in-class inhibitor of the enzyme cholesterol 24-hydroxylase, and was developed to treat children and adults with two rare forms of epilepsy — Dravet Syndrome and Lennox-Gastaut Syndrome.
Under the agreement, Takeda will put down $196 million up front with another $660 million in potential milestone payments down the line.
In a statement, Ovid said that the deal will help the company focus on building a “leading company in rare diseases of the brain.”
Soticlestat is currently in phase 3 trials, and Takeda will take over worldwide commercialization and marketing rights of the drug.
Read the press release.
