Potentia Pharmaceuticals Enters into Licensing and Purchase Option Agreements with Alcon
Potentia Pharmaceuticals announced that it has entered into licensing and purchase option agreements with Alcon Research, Ltd., a wholly-owned subsidiary of Alcon, Inc.. The agreements provide Alcon with a license to develop Potentia's leading drug candidate, POT-4, for the treatment of AMD. The agreements also provide for Alcon to acquire the shares of Potentia if specified development milestones are achieved and if Alcon elects to continue development of POT-4.
Alcon will make upfront payments to Potentia for the initial license and option rights. The agreements also provide for potential future payments to Potentia's shareholders based on the achievement of multiple clinical and global regulatory approval milestones for several therapeutic indications and on Alcon's decision to proceed with development. They also provide for sales-based royalty payments to Potentia's shareholders on any products that are ultimately approved and commercialized. Financial terms were not disclosed.
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