Intra-Cellular Therapies (ITI) and Takeda Pharmaceutical Company have begun an exclusive collaboration to develop and commercialize selective phosphodiesterase type 1 (PDE1) inhibitors to treat schizophrenia.

The PDE1 inhibitors, discovered by ITI, are for the treatment of cognitive impairment associated with schizophrenia.

This agreement is targeted worldwide, but ITI will retain the option to co-promote the drugs alongside Takeda in the US.

ITI’s PDE1 inhibitors are unique, orally available, pre-clinical stage compounds.

Under the terms of the agreement, ITI will receive an upfront cash payment and will be eligible to receive approximately $500m upon achievement of certain development milestones and an additional $250m upon the achievement of certain sales-based milestones.