Saniona enters into collaboration agreement with AstronauTx in Alzheimer’s disease
Saniona (OMX: SANION), a clinical-stage biopharmaceutical company focused on the discovery and development of medicines modulating ion channels, today announced a new research collaboration with AstronauTx in Alzheimer’s disease. Saniona may receive up to SEK 1.9 billion ($177 million) in milestone payments as well as royalties on worldwide net sales of resulting products under the collaboration.
“Alzheimer’s disease and other neurodegenerative conditions represent some of the most devastating challenges for individuals, families, and society. We are excited by this opportunity to develop a new potential treatment concept for Alzheimer’s in collaboration with AstronauTx, a company fully dedicated to research and development in neurodegeneration. Once again this demonstrates the value of Saniona’s research platform as a basic for developing novel treatment opportunities for various neurological and psychiatric diseases” says Thomas Feldthus, CEO of Saniona
The objective of the collaboration is to identify new treatments for Alzheimer’s disease and other neurodegenerative conditions by modulating a novel, undisclosed ion channel target. Saniona has built unique know-how and technology with the aim to modulate this drug target by potential new drug candidates.
A core component of the research collaboration will be the use of Saniona’s proprietary platform, IonBaseTM, for the modulation of ion channels. Saniona will receive research funding during the research period. During the first year of the collaboration, Saniona expects to receive research funding of around SEK 15 million (€ 1.3 million).
AstronauTx has an option to obtain exclusive worldwide rights to research, develop, manufacture, and commercialize therapeutics identified through the collaboration. Saniona will receive milestone payments of up to SEK 1.1 billion ($102 million) upon the achievement of certain research, development, and regulatory milestones. In addition, Saniona is entitled to commercial milestone payments of up to SEK 0.8 billion ($75 million) and tiered royalties on net sales of any potential products commercialized by AstronauTx as a result of this collaboration. Further financial details were not disclosed.
”AstronauTx is delighted to work with Saniona and appreciate their ion channel expertise enabling us to create new therapeutics for patients with Alzheimer’s and other neurodegenerative diseases. Saniona’s technology coupled with AstronauTx’s scientific breadth and drug discovery experience allows us to explore new space in the quest for better treatments for the growing number of patients with neurodegenerative diseases” said Ruth McKernan, Executive Chair of AstronauTx.