Shots:

• Alpine to receive $25M up front, $15M as an equity investment representing a premium of 25% to 30-day share price & is eligible to receive ~$1.52B which includes ~$381M/program upon achievement of development, regulatory & commercial milestones along with royalties
• The collaboration combines Alpine's discovery platform & expertise with Horizon's drug development & commercialization capabilities to develop protein-based immunotherapies for autoimmune & inflammatory diseases
• Horizon gets exclusive rights to develop & commercialize ~4 preclinical products & will lead development, commercialization activities & costs. Alpine to advance candidate molecule to pre-defined preclinical milestone

Ref: Horizon | Image: Horizon