Orion Corporation signs license agreement with Janssen Pharmaceuticals, Inc. for the development and commercialization of its novel treatment for Alzheimer’s disease
Orion Corporation (Nasdaq OMX Helsinki: ORNAV and ORNBV) announced today that it
has entered into a license agreement with Janssen Pharmaceuticals, Inc. for the
development and commercialization of Orion’s novel, investigational alpha-2c
adrenoceptor antagonists for the symptoms of Alzheimer’s disease, including a
clinical phase compound ORM-12741.
According to the agreement, Orion will receive an upfront payment of USD 31
million and is eligible to receive milestone payments from Janssen upon
successful completion of certain development and commercialization events, as
well as royalties on future sales. Orion will use the majority of the up-front
payment over the next few years against the costs of the additional Phase IIa
study sponsored by Orion.
Under the terms of the agreement, Orion will have exclusive commercialization
rights in Europe and will grant Janssen a worldwide exclusive license to develop
ORM-12741 and other compounds of alpha-2c platform. Janssen will have an
exclusive right to commercialize these compounds outside Europe. Orion and
Janssen will co-fund the development after an additional Phase IIa study is
completed successfully by Orion.
Dr. Reijo Salonen, Senior Vice President of R&D at Orion commented:
“In our collaboration with Janssen, I believe we will have the best of all
worlds,” said Dr. Reijo Salonen, SVP R&D and Chief Medical Officer for
Orion. “At Janssen, there is a track record of success and commitment of
developing therapies in Neurosciences; at Orion, we have a track record of
inventing innovative molecules; and for Alzheimer patients, we hope that this
partnership will bring them a novel medicine that will make an important
difference to their lives.”
