Addex to receive milestone payment from Merck

The milestone has been achieved in a recently announced exclusive collaboration and license agreement with Merck & Co., through its affiliate Merck Sharp & Dohme Research. The collaboration is focused on developing an emerging class of oral drugs, allosteric modulators, that target the metabotropic glutamate receptor 4 (mGluR4) for Parkinson’s disease and other undisclosed indications.

Under the terms of the agreement, first announced in December 2007, Addex received $3 million upfront and is eligible for up to $106.5 million in research, development and regulatory milestones for the first product developed for multiple indications. Additional milestones of up to $61 million would be payable if a second and third product is developed. Addex is eligible to receive undisclosed royalties on sales of any products resulting from this collaboration. Merck is responsible for clinical development.