By Matt Grossman

Ovid Therapeutics Inc. has reached a deal to license molecules that could be used to treat epilepsies from AstraZeneca PLC, Ovid said Monday.

The molecules, including the lead candidate, called OV350, aim to treat epilepsies by targeting the KCC2 transporter, Ovid said. The company said it plans continue developing the molecules for potential clinical use in collaboration with doctors who previously worked on the program.

AstraZeneca will get an up-front payment of $5 million in cash, as well as $7.5 million of Ovid common stock. AstraZeneca could also get $8 million if development milestones are met, and $45 million more if regulatory milestones are met.

Total commercial milestones for AstraZeneca could go up to $150 million, with additional royalty payments on sales.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

January 03, 2022 06:56 ET (11:56 GMT)

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