As per the agreement, Astellas’ ASP7035, which completed a phase I study and is yet to enter into phase IIa-study, will be licensed to Tacurion.
Tacurion will be responsible for all development, manufacturing and commercialization activities and associated costs of the vasopressin V2 receptor selective agonist.
Under the previous two agreements, ASP3291 and ASP7147 were licensed to Telsar Pharma and Seldar Pharma respectively.
The three virtual companies Tacurion, Telsar and Seldar share the same investors and will invest $15m into Tacurion.
Funds will support advancement of ASP7035 and the development services will be provided by Drais.
Astellas is eligible for milestone payment and ASP7035 sales-based royalties in addition to an option to purchase Tacurion upon the success of a proof of concept study scheduled to commence in the third quarter of 2013.