By Colin Kellaher

Axsome Therapeutics Inc. (AXSM) on Monday said it signed a licensing agreement with Pfizer Inc. (PFE) covering drug candidates to treat narcolepsy and fibromyalgia.

The New York clinical-stage biopharmaceutical company said Pfizer will receive $11 million in Axsome stock and cash upfront, along with up to $323 million in regulatory and sales milestone payments.

Axsome said the agreement includes an exclusive U.S. license to Pfizer's clinical and nonclinical data, as well as its intellectual property, for reboxetine, the active ingredient in AXS-12, which Axsome is developing for the treatment of narcolepsy.

Axsome said it also receives exclusive rights to develop and commercialize esreboxetine, a new late-stage product candidate now referred to as AXS-14, in the U.S. for the treatment of fibromyalgia.

Axsome said it will issue $8 million in stock, along with $3 million in cash, to Pfizer, adding that the New York drug company will have a right of first negotiation on any potential future strategic transactions involving AXS-12 and AXS-14.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

January 13, 2020 06:37 ET (11:37 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
Pfizer (NYSE:PFE)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024 Click aqui para mais gráficos Pfizer.
Pfizer (NYSE:PFE)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024 Click aqui para mais gráficos Pfizer.