Upsher-Smith Laboratories wholly-owned subsidiary Proximagen has partnered with biotech firm Saniona to develop novel therapeutics for neurological disorders.
Under the drug discovery and development collaboration, the firms will carry out research to develop new small molecule therapeutics for neurological disorders through using Saniona’s ion channels and related technology platforms.
Upsher-Smith biotech research institute division president and chief scientific officer Dr William Pullman said: "Saniona’s research platform and expertise within ion channels offer a valuable approach to create potentially highly effective and specific human therapies based on small molecules.
"Upsher-Smith has a particular focus on developing therapies for people living with central nervous system (CNS) conditions."
The deal will provide Proximagen with exclusive worldwide rights to develop, manufacture and commercialise medicines, which are discovered through the collaboration.
Saniona will secure upfront and research funding during the research period. The company is expected to receive approximately $1.1m as upfront and research funding in this year, while total pre-commercial milestone payments could go up to $30m.
Saniona will also receive milestone payments based on the achievement of certain research, development and regulatory milestones.
In addition, the company secures tiered royalties on net sales of any potential products commercialised by Proximagen based on this deal.
Saniona CEO Jorgen Drejer said: "This collaboration with Proximagen validates our strategy and represents an important step forward in realising the value for one of our unique discovery programs from our broad product pipeline."