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.
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