Shire Takes Equity Stake In ChronosBy
Chronos Therapeutics, an Oxford, United Kingdom-based biotechnology company, has acquired three preclinical development programs targeting central nervous system diseases from Shire. The acquisition makes Shire an equity investor in Chronos and gives Chronos all intellectual property, know-how, development, and marketing rights for each program on a global basis.The programs target fatigue in multiple sclerosis, addictive behaviors and potentially post-traumatic stress disorder
Shire is eligible for milestone payments on regulatory approval of the products as well as royalties and milestone payments on sales. Shire has a right-of-first negotiation for each of the programs on commercial terms and rights to re-acquire each of the programs in the event that Chronos does not invest specified minimum amounts.
Source: Chronos Therapeutics