Acadia Sepracor License, Option and Collaboration Agreement
The Acadia Sepracor License, Option and Collaboration Agreement is available here.
Sepracor : News of Jan 11, 2005: "This collaboration includes an ongoing joint research and development effort targeted toward the development of agonists and antagonists of selective muscarinic receptors. Compounds that interact with certain selective muscarinic targets may have utility in the treatment of CNS disorders, which is currently an area of therapeutic focus for Sepracor.
'Part of this collaboration will involve the investigation of ACADIA's selective m1 agonist clinical candidates for the treatment of cognition in patients with schizophrenia,' said Mark H.N. Corrigan, M.D., Executive Vice President, Research and Development at Sepracor. 'Among the family of currently marketed atypical antipsychotics, only clozapine improves cognitive function, yet its label contains a 'black-box warning' relating to serious side effects. We are hopeful that ACADIA's strategy will yield a new drug therapy that can successfully and safely improve cognitive function for patients with schizophrenia.'
In connection with this collaboration, Sepracor is purchasing $10 million of ACADIA common stock at a 40 percent premium to the 30-day average trailing closing price per share as of the purchase date. Sepracor has also agreed to purchase up to an additional $10 million of ACADIA common stock at a 25 percent premium on the one-year anniversary date of the collaboration, subject to customary closing conditions. These stock purchases, in the aggregate, shall not exceed 19.99% of ACADIA's then-outstanding common stock. In addition to its equity investment, Sepracor will provide ACADIA with research funding over a three-year term, and, if certain conditions are met, will be required to pay ACADIA milestone payments as well as royalties on future product sales worldwide. Assuming the successful development of a single product in the muscarinic program, Sepracor will be required to pay ACADIA up to approximately $40 million in aggregate payments, excluding royalties. In addition, should the partnership successfully develop a combination product with LUNESTA for sleep-related indications, Sepracor will also be obligated to pay ACADIA approximately $35 million in aggregate payments plus applicable royalties. Additional details about this transaction will be available in Sepracor's Current Report on Form 8-K, which it expects to file with the Securities and Exchange Commission."
Sepracor : News of Jan 11, 2005: "This collaboration includes an ongoing joint research and development effort targeted toward the development of agonists and antagonists of selective muscarinic receptors. Compounds that interact with certain selective muscarinic targets may have utility in the treatment of CNS disorders, which is currently an area of therapeutic focus for Sepracor.
'Part of this collaboration will involve the investigation of ACADIA's selective m1 agonist clinical candidates for the treatment of cognition in patients with schizophrenia,' said Mark H.N. Corrigan, M.D., Executive Vice President, Research and Development at Sepracor. 'Among the family of currently marketed atypical antipsychotics, only clozapine improves cognitive function, yet its label contains a 'black-box warning' relating to serious side effects. We are hopeful that ACADIA's strategy will yield a new drug therapy that can successfully and safely improve cognitive function for patients with schizophrenia.'
In connection with this collaboration, Sepracor is purchasing $10 million of ACADIA common stock at a 40 percent premium to the 30-day average trailing closing price per share as of the purchase date. Sepracor has also agreed to purchase up to an additional $10 million of ACADIA common stock at a 25 percent premium on the one-year anniversary date of the collaboration, subject to customary closing conditions. These stock purchases, in the aggregate, shall not exceed 19.99% of ACADIA's then-outstanding common stock. In addition to its equity investment, Sepracor will provide ACADIA with research funding over a three-year term, and, if certain conditions are met, will be required to pay ACADIA milestone payments as well as royalties on future product sales worldwide. Assuming the successful development of a single product in the muscarinic program, Sepracor will be required to pay ACADIA up to approximately $40 million in aggregate payments, excluding royalties. In addition, should the partnership successfully develop a combination product with LUNESTA for sleep-related indications, Sepracor will also be obligated to pay ACADIA approximately $35 million in aggregate payments plus applicable royalties. Additional details about this transaction will be available in Sepracor's Current Report on Form 8-K, which it expects to file with the Securities and Exchange Commission."
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