Axsome Therapeutics (NASDAQ:AXSM) inks an agreement with Pfizer (NYSE:PFE) for U.S. rights to reboxetine, the active ingredient in AXS-12, its candidate for narcolepsy.
The deal also includes exclusive U.S. rights to esreboxetine, now called AXS-14, for the potential treatment of fibromyalgia.
Under the terms of the contract, Pfizer will receive $3M upfront, up to $323M in milestones and tiered mid-single-to-low-double digit royalties on net sales. It will also receive $8M in Axsome common stock and the right of first negotiation for any future strategic transactions involving AXS-12 and AXS-14.
Axsome will host a conference call today at 8:30 am to discuss the agreement.
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