U.S. markets closed
  • S&P 500

    4,422.30
    +10.51 (+0.24%)
     
  • Dow 30

    35,144.31
    +82.76 (+0.24%)
     
  • Nasdaq

    14,840.71
    +3.72 (+0.03%)
     
  • Russell 2000

    2,216.92
    +7.27 (+0.33%)
     
  • Crude Oil

    72.17
    +0.10 (+0.14%)
     
  • Gold

    1,797.80
    -4.00 (-0.22%)
     
  • Silver

    25.26
    +0.03 (+0.11%)
     
  • EUR/USD

    1.1808
    +0.0038 (+0.32%)
     
  • 10-Yr Bond

    1.2760
    -0.0100 (-0.78%)
     
  • GBP/USD

    1.3818
    +0.0064 (+0.47%)
     
  • USD/JPY

    110.3780
    -0.1320 (-0.12%)
     
  • BTC-USD

    37,926.99
    +3,529.44 (+10.26%)
     
  • CMC Crypto 200

    905.01
    -10.48 (-1.14%)
     
  • FTSE 100

    7,025.43
    -2.15 (-0.03%)
     
  • Nikkei 225

    27,833.29
    +285.29 (+1.04%)
     

Sarepta Wins Exclusive License, Collaboration Deal for European Rights To Summit's DMD Drug

Sarepta Therapeutics Inc (NASDAQ: SRPT) and Summit Therapeutics plc (NASDAQ: SMMT) reached an exclusive license and collaboration agreement. As a result, Sarepta has been granted rights in Europe, and Turkey apart from the Commonwealth of Independent States to Summit's utrophin modulator pipeline. This included its lead clinical candidate, ezutromid, designed for Duchenne muscular dystrophy treatment.

The deal enables Sarepta an option to license Latin American rights to Summit's utrophin modulator pipeline. As far as other countries, Summit retained commercialization rights.

According to the agreement terms, Summit would get an upfront fee of $40 million and would be entitled for any future ezutromid related development, regulatory and sales mile stone of a maximum of $522 million. This included $22 million milestone after the first dosing of the last patient in PhaseOut DMD study. The company is also entitled for royalties based on net sales in the licensed region.

Related Link: RBC's Bullish Neurologist Survey Leads To A 8 Price Target On Sarepta Therapeutics

The companies indicated they would share specified costs in respect of utrophin modulator-related research and development at a ratio of 45:55 for Sarepta and Summit commencing from 2018. If Sarepta opts for Latin American Rights, then Summit stands to gain more through additional fees and milestones.

Sarepta CEO Edward Kaye viewed, "This partnership with Summit Therapeutics furthers our commitment to invest in innovative approaches to treating Duchenne and supports our common goal of improving the lives of patients with DMD."

Summit was trading up more than 73 percent at $15 in the pre-market session.

See more from Benzinga

© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.