Marinus Pharmaceuticals has signed a collaboration and supply agreement with Tenacia Biotechnology (Shanghai), a China-based biotechnology company focused on the development of innovative treatments for central nervous system (CNS) disorders.
As per the terms of the agreement, Tenacia will get sole rights to develop and commercialise some formulations of ganaxolone in Mainland China, Hong Kong, Macau and Taiwan, including the present oral and intravenous (IV) dose formulations. It will also receive the right of first negotiation for a future next generation formulation or prodrug.
Marinus CEO Scott Braunstein said: “This collaboration brings important synergies, combining ganaxolone’s differentiated mechanism of action with Tenacia’s CNS expertise and development capabilities in China to potentially expand the global reach of ganaxolone for patients with rare and debilitating seizure disorders.
“Tenacia is expected to drive the development and commercialization of ganaxolone in China across our current focus areas of CDKL5 deficiency disorder, tuberous sclerosis complex and status epilepticus, and to potentially play a key role in the development of a next generation ganaxolone formulation.”
Under the agreement, Marinus will get $10m in cash as an upfront payment. It is also eligible to get up to another $256m in cash milestone payments based on particular regulatory, clinical and commercial milestones, as well as tiered low double-digit royalty payments as per net sales.
Tenacia Biotechnology CEO Dr. Xiaoxiang Chen said: “Partnering with Marinus to develop and commercialize ganaxolone in China positions us well to quickly become a pioneer in the development of treatments that target significant unmet medical needs for epilepsy patients.
“As the clinical and regulatory landscapes in China continue to evolve to better support neuroscience drug development, we are confident this is the right time to enter the market. We look forward to collaborating closely with Marinus while exploring the full potential of ganaxolone.”
H.C. Wainwright & Co. served as exclusive financial advisor to Marinus with regard to the collaboration.