Flexion in-licenses pain candidate from Xenon Pharma for up to $128M

Flexion Therapeutics (NASDAQ:FLXN) inks an agreement with Xenon Pharmaceuticals (NASDAQ:XENE) for global rights the latter’s NaV1.7 inhibitor XEN402 (now called FX301) for the potential management of postoperative pain via peripheral nerve blockade.

Flexion will be formulated for extended release on the basis of a thermosensitive hydrogel that forms shortly after the liquid is injected. Clinical trials should commence in 2021.

Under the terms of the deal, Flexion paid Xenon $3M upfront and will pay up to $9M in development and regulatory milestones through Phase 2, up to $40.75M in late-stage development and regulatory milestones, up to $75 in commercial milestones and mid-single-digit to low-double-digit royalties on net sales. Flexion will also assume the payment of low single-digit sales royalties to Teva Pharmaceuticals International GmbH.

https://seekingalpha.com/news/3498073-flexion-licenses-pain-candidate-xenon-pharma-128m