Expands pipeline with novel CNS assets; Shire is eligible for milestone payments
Chronos Therapeutics, a privately owned biotech company focused on ageing diseases, brain and nervous system disorders, has purchased three pre-clinical development programmes targeting Central Nervous System (CNS) diseases from a subsidiary of Shire.
Chronos, based in Oxford, UK, has acquired all intellectual property, know-how, development and marketing rights for each programme on a worldwide basis.
No financial details have been revealed.
Shire will become an equity investor in Chronos and is eligible for milestone payments on regulatory approval of products relating to the programmes, followed by royalties and milestone payments on sales.
Shire also has a right of first negotiation for each of the programmes on commercial terms, as well as rights to re-acquire each of the programmes in the event that Chronos does not invest specified minimum amounts.
Taking the programmes forward in areas of unmet need in the CNS segment creates significant value for Chronos and its shareholders
The programmes target fatigue in multiple sclerosis, addictive behaviours and potentially post-traumatic stress disorder. They may have potential beyond the initial target indications, the firm said.
Chronos said the deal expands its pipeline significantly and complements the company's existing programme in the fatal motor neurone disease Amyotrophic Lateral Sclerosis (ALS).
Dr Huw Jones, CEO of Chronos Therapeutics, said: 'We are very pleased to have acquired these programmes, extending the breadth of our portfolio and complementing our programme in ALS. Taking the programmes forward in areas of unmet need in the CNS segment creates significant value for Chronos and its shareholders as well as ultimately providing patients with new treatment options, alleviating significant suffering.'
Chronos recently acquired three new chemical entity (NCE) development programs for CNS diseases. The most advanced programme is initially targeting fatigue associated with multiple sclerosis with the others addressing behavioural and neurodegenerative conditions.