Neil Clark & Shaun Claydon of Destiny Pharma: Collaboration for NTCD-M3 worth up to $570m plus royalties
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Neil Clark, CEO & Shaun Claydon CFO of discuss their exclusive collaboration and co-development agreement for NTCD-M3 with Sebela Pharmaceuticals® which is worth up to $570m plus royalties & the equity fundraising of up to £8 million.
Highlights
Destiny Pharma is pleased to announce that it has signed an exclusive collaboration and co-development agreement for the North American rights of NTCD-M3, its lead asset for the prevention of Clostridioides difficile infection (CDI) recurrence, with Sebela Pharmaceuticals® , a U.S. pharmaceutical company with a market-leading position in gastroenterology.
Under the terms of the deal, it is anticipated that Sebela will lead and finance the future clinical development and commercialisation activities of NTCD-M3 in North America.
The Company retains the majority of rights for Europe and Rest of the World and Sebela has a minority interest in any income generated in these non-North American territories based on the clinical studies it is funding.
The agreement, which could be worth up to $570m to Destiny Pharma in milestones alone, includes;
- An initial upfront payment of $1m;
- Success-based development milestones of $19m;
- Sales revenues-based milestone payments up to $550m; and tiered, double-digit royalties.
Destiny Pharma has the obligation to continue its current plan to complete the ongoing manufacture of all clinical trial supplies needed to undertake the required clinical studies. It is anticipated that Phase 3 studies will commence in 2024.
To read the full RNS click here
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