Allergan Licenses Global Rights For Muscarinic Receptor Agonists From Sosei Unit

(RTTNews) - Sosei Group Corp. (SOLTF.PK) announced its subsidiary, Heptares Therapeutics has entered into a definitive agreement with Allergan Pharmaceuticals International Limited, a wholly owned subsidiary of Allergan plc (AGN), under which Allergan will license exclusive global rights to a broad portfolio of novel subtype-selective muscarinic receptor agonists in development for the treatment of major neurological disorders, including Alzheimer's disease.

Heptares will receive an upfront payment of $125 million and is eligible to receive contingent milestone payments of up to approximately $665 million associated with the successful Phase 1, 2 and 3 clinical development and launch of the first three licensed compounds for multiple indications and up to approximately $2.5 billion associated with achieving certain annual sales thresholds during the several years following launch. Heptares is eligible to receive up to double-digit tiered royalties on net sales of all products resulting from the partnership.

Allergan also committed up to $50 million to a research and development program to be conducted jointly by Allergan and Heptares aimed at advancing multiple candidates through Phase 2 clinical studies.