Minerva Neurosciences Opts Out of Agreement With Janssen for Seltorexant
July 01 2020 - 9:11AM
Dow Jones News
By Robb M. Stewart
Minerva Neurosciences Inc. said Wednesday it decided to opt out
of an agreement with Janssen Pharmaceutica NV for development of
seltorexant for insomnia, avoiding financial obligations but
preserving future royalties.
The company said the move allows it to focus on its lead
product, roluperidone for schizophrenia, which is in Phase 3
development.
By exercising its right under the agreement with Janssen, a
Johnson & Johnson company, Minerva said it will now collect a
royalty on worldwide sales of seltorexant in all indications in the
mid-single digits, with no financial obligations for clinical
development and commercialization.
"This decision enables us to retain a meaningful financial
interest in the future revenue stream of a compound with
significant commercial potential while eliminating the Company's
financial obligations to a substantial Phase 3 program encompassing
major depressive disorder and insomnia," Remy Luthringer, executive
chairman and chief executive of Minerva, said.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
July 01, 2020 08:56 ET (12:56 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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