DUBLIN – Shares in Saniona AB gained 25 percent Monday on news of an ion channel drug discovery pact in schizophrenia with Boehringer Ingelheim GmbH worth up to €90 million (US$101 million) in up-front and milestone payments.
The Ballerup, Denmark-based firm is getting €5 million up front, with the prospect of €50 million more in research, development and regulatory milestones and potentially another €35 million in commercial milestones. The companies are not releasing details about the drug targets involved. "I think it's a first-in-class program," Saniona executive vice president and chief financial officer Thomas Feldthus told BioWorld Today.
Ingelheim, Germany-based Boehringer already has a clinical-stage schizophrenia