Praxis to receive upfront proceeds of US$15 million and is eligible to receive up to US$264 million in milestone payments as well as tiered royalties.
Sidley represented Praxis Precision Medicines, Inc. (NASDAQ: PRAX), a clinical-stage biopharmaceutical company translating genetic insights into the development of therapies for central nervous system (CNS) disorders characterized by neuronal excitation-inhibition imbalance, in an exclusive collaboration and license agreement with Tenacia Biotechnology (Shanghai) Company, Ltd., a China-based clinical-stage biopharmaceutical company focused on CNS drug development and commercialization.
Under the agreement, Tenacia will develop and commercialize Ulixacaltamide for the treatment of essential tremor in Greater China, including mainland China, Hong Kong, Macau, and Taiwan.
“Our collaboration with Tenacia is an important step to bringing the innovation of Ulixacaltamide to essential tremor patients in China, where there is a significant unmet need,” said Marcio Souza, president and chief executive officer of Praxis.
As part of the collaboration agreement, Praxis will receive US$15 million up front, including US$5 million in cash and a US$10 million investment in Praxis common stock. Additionally, Praxis will be eligible for an additional US$264 million in development, regulatory and commercialization milestone payments, as well as tiered royalties on net sales.
The Sidley team was led by Asher Rubin, Adriana V. Tibbitts, Collin J Marshall (Technology and Life Sciences Transactions); Frank Rahmani (Emerging Companies and Venture Capital); and BinQuan Zhuang, Ph.D. (M&A); and included Jean Qiu (Technology and Life Sciences Transactions); Daniel A. O’Shea (Capital Markets); Torrey Cope and Chen Yang (Food, Drug and Medical Device), Nick DeAngelis (M&A), and Lianying Wang (Privacy and Cybersecurity).
For additional information, please refer to the press release.
