Alexion, Stealth Agree on Option for Elamipretide for Mitochondrial Diseases
10 October 2019 - 11:38PM
Dow Jones News
By Michael Dabaie
Alexion Pharmaceuticals Inc. (ALXN) and Stealth BioTherapeutics
Corp. (MITO) agreed for an option to co-develop and commercialize
elamipretide for mitochondrial diseases.
ADRs of Stealth were up 28% to $8.20 premarket.
Elamipretide is currently being evaluated in a Phase 3 study in
people with primary mitochondrial myopathy, a genetic mitochondrial
disease.
Under the terms of the agreement, Alexion can exercise the
option following results from the Phase 3 study currently
underway.
If Alexion chooses to exercise the option, the companies will
co-develop subcutaneous elamipretide in the U.S. Upon
commercialization, the agreement would provide for a 50-50
co-promote between the two companies in the U.S. and Alexion would
receive exclusive rights to develop and commercialize subcutaneous
elamipretide outside the U.S.
Alexion will make initial payments to Stealth totaling $30
million, including an option fee, an equity investment and
development funding.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
October 10, 2019 08:23 ET (12:23 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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