Teva granted global license to experimental pain drug
JERUSALEM — Xenon Pharmaceuticals is licensing an experimental pain drug to Teva Pharmaceutical Industries in a deal worth up to $376 million, not including royalties, the companies said.
Xenon, based in Burnaby, British Columbia, said it would give Israel-based Teva a worldwide license to the drug XEN402. Under the deal, Teva will pay Xenon an upfront fee of $41 million, followed by development, regulatory and sales-based milestone payments worth up to $335 million. Xenon will also be entitled to royalties on the drug and the option to participate in its commercialization in the United States if it wins approval.
"Teva is building a focused pipeline of novel medicines in select areas of medical need," Teva president and CEO Jeremy Levin said. "XEN402 fits this strategy. It holds the potential to address the significant unmet medical need for the many patients who suffer from chronic pain."