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Teva Pharmaceutical Industries Ltd
TEVA and Xenon Pharmaceuticals Inc.
(Xenon) announced today that they have entered into a collaborative
development and exclusive worldwide license for XEN402. XEN402 is currently in
clinical development for a variety of painful disorders. This product
specifically targets sodium channels which are abundantly found in sensory
nerve endings that can increase in chronic painful conditions. Under the
Agreement, Teva will pay Xenon an upfront fee of $41 million. In addition Teva
shall pay development, regulatory, and sales-based milestones totaling up to
$335M. Xenon is entitled to royalties payable on sales and an option to
participate in commercialization in the U.S.
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