Druces LLP, the City-based business and private wealth law firm, has advised its AIM and NASDAQ listed client Summit Therapeutics PLC on its exclusive licence and collaboration agreement with Sarepta Therapeutics Inc.
This multi-million dollar, multi-faceted agreement grants Sarepta rights in Europe, as well as in Turkey and the Commonwealth of Independent States (‘the licensed territory’), to Summit’s utrophin modulator pipeline, including its lead clinical candidate, ezutromid, for the treatment of the fatal muscle wasting condition Duchenne muscular dystrophy (‘DMD’). Ezutromid is currently in a Phase 2 proof of concept trial in the US and the UK.
This is a highly significant collaboration, under which Summit will receive an upfront fee of $40 million. and will be eligible for future ezutromid related development, regulatory and sales milestone payments totalling up to $522 million, together with royalty payments based on future sales of licensed products. The collaboration between Summit and Sarepta will support development of the treatment with the two companies will also share specified utrophin modulator-related research and development costs. Utrophin modulation is a potential disease-modifying treatment approach for all patients with DMD, regardless of their underlying dystrophin gene mutation.
David Smith, partner, led the Druces team.
This news was posted on 12 October 2016.