Xenon Receives $15M Regulatory Milestone Under Epilepsy Pact With Neurocrine

Xenon Pharmaceuticals Inc's XENE collaboration to develop treatments for epilepsy with Neurocrine Biosciences Inc NBIX achieved a regulatory milestone, triggering a payment of $15.0 million to Xenon. 

• The FDA accepted Neurocrine's protocol amendment that expands the study population to include subjects between 2 and 11 years in the ongoing Phase 2 study of NBI-921352 in pediatric patients with SCN8A developmental and epileptic encephalopathy (SCN8A-DEE).
• Under the agreement, Xenon will receive an aggregate of $15.0 million from Neurocrine in the form of a $6.75 million payment in cash and an $8.25 million equity investment at a Xenon per share price of $31.855.
• Xenon has an ongoing collaboration with Neurocrine Biosciences to develop treatments for epilepsy. 
• Price Action: XENE shares are down 2.04% at $29.79 during the market session on the last check Wednesday.