Takeda Takes Back Dravet, Lennox-Gastaut Candidate From Ovid
Revising the two companies’ 2017 epilepsy collaboration, Takeda will take over Phase III development and commercialization of soticlestat. Ovid gets $196m up front, and it can shift focus.
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Public Company Edition: The last biopharma IPO in the US was on 17 February and none have been scheduled, so far, for March. Also, another SPAC merger is called off, Travere sells $275m worth of notes and Xeris secures $150m in new debt, while Ovid, Passage Bio and others are cutting jobs.
The company is using proceeds from last year’s handover of its lead epilepsy program to Takeda to fuel a push in neurology development.
Seeing significant unmet medical needs and insufficiently met needs in narcolepsy and rare types of epilepsy, Takeda has shifted its neuroscience focus.