Shots:

• Sosei Heptares to receive $100M up front & R&D fundings, ~$1.5B upon achievement of development & regulatory milestones of licensed product, $1.1B in commercial milestone along with royalties on net sales of products. Neurocrine will lead development costs related to programs globally except M1 agonists
• Sosei Heptares retains rights to develop M1 agonists in Japan for any indication while Neurocrine gets co-development & profit share options along with development & commercialization rights of M4, M1 & dual M1/M4 receptor agonists for a neurological disorder
• The P-II study of HTL-0016878 in schizophrenia is expected to initiate in 2022 & P-I studies for dual M1/M4 & M1 agonists in 2023

Ref: Neurocrine | Image: Neurocrine