The agreement will include including Epix's novel 5-HT4 partial agonist program, PRX-03140, in early-stage clinical development for the treatment of Alzheimer's disease. The alliance will be conducted through GSK's Center of Excellence for External Drug Discovery.
Epix will receive total initial payments of $35 million, including $17.5 million through the purchase of shares of common stock. In addition, Epix will be eligible to earn potential milestones of up to $1.2 billion. Epix will also receive tiered double-digit royalties on sales by GSK of all collaboration-developed product sales.
“This alliance will provide us with access to significant capital in the near and long term to support the ongoing development of PRX-03140 and three additional programs, as well as the ability to continue to move forward our existing programs. Furthermore, the co-promotion option in this collaboration provides further opportunity for Epix to build a sales force in the future,” stated Michael Kauffman, CEO of Epix.