US-based biopharmaceutical company Ovid Therapeutics has agreed to divest its future royalties related to the sales of ganaxolone outside China to Immedica Pharma.
Immedica is a Swedish pharmaceutical company developing medicines for rare diseases.
Under the terms of the agreement, Immedica will acquire future royalty rights and the global intellectual property portfolio related to ganaxolone for $7m in cash.
It will use the non-dilutive capital from the transaction to extend its ongoing operations.
Also, it will assume certain intellectual property costs associated with ganaxolone and cover all costs related to the licensed IP upon finalisation of the amendment.
The agreement also includes amending the license for additional indications.
Ganaxolone is approved in the EU, Great Britain, the US, and China for epileptic seizures in patients aged two to 17 with cyclin-dependent kinase-like 5 (CDKL5) deficiency disorder.
It can also be continued in patients aged 18 and older. The transaction provides Ovid with a $7m capital infusion, supporting its ongoing operations.
According to Ovid, ganaxolone has generated around $566,000 in royalty revenues in 2024.
The company has not been pursuing further development of ganaxolone, and the transaction does not affect its current pipeline.
In February 2022, Ovid had an exclusive patent license agreement with Marinus Pharmaceuticals for ganaxolone in CDKL5 deficiency disorder.
Founded in 2018, Immedica focuses on rare diseases and speciality care products.
The company serves patients in over 50 countries and employs around 140 people across Europe, the Middle East, and the US.
Its therapeutic areas include rare metabolic, haematology, oncology, and neurology.
Based in New York, Ovid Therapeutics develops small-molecule medicines for brain conditions with significant unmet needs.
The company is advancing a pipeline of novel candidates targeting factors involved in neuronal hyperexcitability linked to neurological and neuropsychiatric disorders.
