Big pharma company, Merck, in pharma licensing deal with Xenon stemming from a previous option agreement.
Xenon announced that the big pharma company has exercised its pharma licensing option to exclusively license small molecule compounds for a novel target for the potential treatment of cardiovascular disease.
In 2009, Xenon and Merck entered into a strategic alliance where Xenon employed its human clinical genetics platform to validate novel cardiovascular targets and collaborated on the discovery and development of small molecule compounds for those targets.
Under the terms of the 2009 agreement, Xenon received milestone payments and an option fee and is eligible for further research, development and regulatory milestone payments of up to US$86.5 million. In addition, Merck will pay Xenon undisclosed royalties on sales of products resulting from the collaboration.
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