Shire Plc (SHPG) has sold three pre-clinical programs targeting central nervous system (CNS) diseases to Chronos Therapeutics Ltd. According to the terms of the agreement, Chronos has secured 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.