Shire Plc (SHPG) is selling three pre-clinical programs targeting central nervous system (CNS) diseases to privately-held Chronos Therapeutics Ltd. According to the terms of the agreement, Chronos will acquire global rights to develop and commercialize programs focused on multiple sclerosis, addictive behaviors and potentially post-traumatic stress disorder. Additional indications may also be possible. Shire will receive milestone payments and royalties on net sales. It will also establish an equity stake in Chronos. Shire has the right of first negotiation for each program on commercial terms and the right to reacquire each if Chronos fails to invest a prespecified minimum amount.
Transgenomic (TBIO) announced that it has signed a deal with LabCorp. (LH) for its DNA test for Long QT syndrome, a congenital heart rhythm disorder associated with potentially life-threatening cardiac arrhythmias. Genetic testing can help identify people at risk for the disorder so doctors can institute appropriate therapy. Financial terms of the deal have not been disclosed.
Evoke Pharma (EVOK) announced that it has signed definitive agreements with institutional investors for the direct placement of 1.8 million shares of common stock at $2.49375 per share. For each share purchased, investors will also receive 3/4 of a warrant to purchase one share of common at $2.41. The warrants are immediately exercisable and will expire in 5 1/2 years. Net proceeds will fund the continues analysis of the EVK-001 Phase 3 data and its development potential, the preparations for a potential FDA meeting, working capital, general corporate purposes and the potential repayment of outstanding indebtedness under its loan and security agreement.
European Union (EU) competition regulators have approved Mylan’s (MYL) acquisition of Swedish rival Media. However, regulators have placed a condition that the merged company sell businesses in around a dozen European countries. MYL announced the acquisition of Meda for $7.2 billion.