Nuevolution announces that Janssen Biotech has exercised its option to license one of the research programs under the multi-target collaboration entered between the parties in October 2015, a collaboration that was expanded further in April 2016 and March 2017.
The program that has been licensed to Janssen Biotech relate to a disease target in the therapeutic area of anti-infectives. Nuevolution will initially receive a license fee of USD 750,000 (SEK 6.11 million) for the licensing of the research program to Janssen. Nuevolution is eligible to receive future milestone payments upon achievement of specified milestones during the further research, development and commercialization. In addition, Nuevolution is entitled to receive royalty payments on net-sale of products that may be commercialized.
This marks the completion of the work to be performed in this program by Nuevolution. Janssen Biotech will be responsible for continuing research, development and commercialization of the program at its cost.
“We are very pleased to see that the high-quality compounds identified in this challenging program from our Chemetics platform is acknowledged by the licensing agreement”, said Thomas Franch, CSO of Nuevolution, and stated further, “The next discovery efforts around these compounds now rests with our partner, and we hope that the compounds will help to successfully develop this program further, leading to a new effective anti-infective treatment option”.
