Under the terms of the agreement, Mitsubishi Tanabe Pharma has obtained exclusive rights to develop and commercialize EnVivo’s alpha-7 nicotinic acetylcholine receptor agonists such as EVP-6124 in Japan, Korea, Taiwan, Indonesia and several other Asian markets.
Mitsubishi Tanabe Pharma plans to initiate Phase I clinical trials within 2010. EnVivo will receive an initial license payment and is eligible for clinical and regulatory milestones, as well as several commercial milestones. EnVivo also will receive royalties on sales of EVP-6124 in the Mitsubishi Tanabe Pharma territory.
EVP-6124 is EnVivo’s novel alpha-7 nicotinic acetylcholine receptor agonist currently in development for cognition enhancement in patients with Alzheimer’s disease and schizophrenia. EnVivo’s clinical study in Alzheimer’s patients, both naive and already on acetylcholine esterase inhibitors, is ongoing.
Kees Been, CEO of EnVivo, said: “With the strength of EnVivo’s clinical data and Mitsubishi Tanabe Pharma’s additional financial and development resources, we hope this partnership will accelerate the availability of a new and valuable therapy to Alzheimer’s and schizophrenia patients in the Mitsubishi Tanabe Pharma territory.”