Angelini S.p.A.will commercialise OV 101 in Europe, Turkey and Russia for the treatment of Angelman syndrome.- Ovid Therapeutics

Ovid Therapeutics Inc. and Angelini Pharma S.p.A. announced an agreement in which Angelini Pharma will be responsible to develop, manufacture and commercialize OV 101 (gaboxadol) for the potential treatment of Angelman syndrome in the European Union and other countries in the European Economic Area (Switzerland, Turkey and the United Kingdom) and Russia. Angelini Pharma will execute the agreement through its new affiliate Angelini Pharma Rare Diseases AG.

OV 101 is believed to be the only delta (?)-selective GABAA receptor agonist in development and is currently being evaluated in the pivotal Phase III NEPTUNE trial in Angelman syndrome, with topline results expected in the fourth quarter of 2020.

Under the terms of the agreement, Ovid will receive an upfront payment of $20 million and is eligible to receive up to an additional $212.5 million in payments upon the achievement of development, manufacturing and sales milestones for the initial indication (Angelman syndrome), as well as double-digit royalties on net sales if OV 101 is successfully commercialized. Ovid will retain all U.S. and rest-of-world commercial rights to OV 101.