Upon closing, CoMentis will receive an upfront payment of $80 million and an equity investment of $20 million. CoMentis has the opportunity to receive up to $660 million in development milestones and may also receive performance-based commercialization milestones. In addition, CoMentis has the right to receive development milestones for next-generation beta-secretase inhibitors discovered under the terms of the research collaboration.
Astellas will fund 100% of the pre-Phase III global development costs and CoMentis will share the Phase III development costs. Astellas has exclusive worldwide commercialization rights while CoMentis retains the right to co-promote in the US, where profit will be shared. CoMentis will receive royalties on sales outside the US.
The collaboration includes CoMentis’s lead candidate compound CTS-21166, an orally bioavailable, small-molecule beta-secretase inhibitor which is being developed as a disease-modifying treatment for Alzheimer’s disease. The agreement also includes a research collaboration to develop additional beta-secretase inhibitors.