Mallinckrodt (NYSE:
MNK) inks an
agreement with British biotech
Silence Therapeutics (
OTCPK:SLNCF) securing exclusive global rights to preclinical-stage SLN500, a C3-targeting RNAi therapeutic candidate plus options to in-license up to two additional complement-targeted assets in Silence’s preclinical development program.
Silence will be responsible for development through Phase 1. Mallinckrodt will take over subsequent development and commercialization.
Under the terms of the agreement, MNK will pay Silence $20M upfront, $10M in research milestones for SLN500 and each optioned asset, funding for Phase 1 studies, up to $100M in clinical and regulatory milestones for SLN500, up to $563M in commercial milestones for SLN500 and tiered low double-digit-to-high-teen royalties on net sales of SLN500 and each optioned asset. If MNK exercises its option for one or two additional candidates, Silence will be eligible to receive up to $703M in milestones per asset.
MNK will also
invest $5M in Silence ordinary shares (5,062,167 shares at 79p per share).
Silence will host a webinar today at 8:00 am ET to discuss the partnership.
