Updated on 21 July 2016
Chronos has acquired all intellectual property, know-how, development and marketing rights for each programme on a worldwide basis
Singapore: Chronos Therapeutics Ltd (Chronos), the private biotech company focused on ageing diseases, brain and nervous system disorders, today announced the acquisition of three pre-clinical development programmes targeting Central Nervous System (CNS) diseases from a subsidiary of Shire Plc.
Chronos has acquired all intellectual property, know-how, development and marketing rights for each programme on a worldwide basis. Shire becomes a strategic equity investor in Chronos and is eligible for milestone payments on regulatory approval of products relating to the programmes, followed by royalties and milestone payments on sales of the products. Shire has a right of first negotiation for each of the programmes on commercial terms, as well as rights to re-acquire each of the programmes in the event that Chronos does not invest specified minimum amounts.
The programmes target fatigue in multiple sclerosis, addictive behaviours and potentially post-traumatic stress disorder and may have potential beyond the initial target indications. Each of the disease targets represents an area of significant unmet medical need.
The transaction expands Chronos' pipeline significantly and complements the Company's existing programme in the fatal motor neurone disease Amyotrophic Lateral Sclerosis (ALS).
Dr Huw Jones, CEO of Chronos Therapeutics, commented: "We are very pleased to have acquired these programmes, extending the breadth of our portfolio and complementing our programme in ALS. Taking the programmes forward in areas of unmet need in the CNS segment creates significant value for Chronos and its shareholders as well as ultimately providing patients with new treatment options, alleviating significant suffering."