DLA Piper advises Axsome Therapeutics in license agreement with Pharmanovia for commercializing Sunosi®
DLA Piper advised Axsome Therapeutics, Inc. (Axsome), a biopharmaceutical company developing and delivering novel therapies for the management of central nervous system disorders, in entering into an exclusive license agreement with Pharmanovia to commercialize and further develop Sunosi® (solriamfetol) in Europe and certain countries in the Middle East and North Africa (MENA).
Sunosi® is the first and only dual-acting dopamine and norepinephrine reuptake inhibitor shown to improve wakefulness in adults living with excessive daytime sleepiness due to narcolepsy or obstructive sleep apnea.
Under the terms of the agreement, Axsome will receive an upfront payment of US$66 million and is eligible to receive sales-based and other milestones totaling up to US$101 million. Axsome will also receive a royalty percentage on net sales. Pharmanovia will be responsible for marketing Sunosi® in Europe and MENA regions and will assume responsibility for all local clinical and regulatory activities and requirements including studies in pediatric patients.
“It was a privilege to advise Axsome on their license agreement with Pharmanovia, which promises to expand Sunosi®’s geographic footprint and provide treatment to more patients worldwide,” said Arthur Cohn, the DLA Piper of counsel who led the deal team. “On behalf of our team, it was a pleasure to advise the Axsome team and have an opportunity to demonstrate our extensive life sciences and pharmaceutical industry capabilities.”
In addition to that Cohn (Philadelphia), the DLA Piper team representing Axsome included partners Emilio Ragosa (Short Hills) and Alex Kamerling (London) and associate Alessandra Emini (Philadelphia).
DLA Piper advises on all aspects of the life sciences sector, combining subject matter experience with considerable knowledge of the scientific, medical, regulatory, commercial and enforcement environments facing biopharmaceutical, medical device, research and diagnostics clients. Recognizing that clients’ needs vary, the firm rapidly organizes and customizes client service teams, whether for a large pharmaceutical company, a mid-sized medical device client or a development-stage biotech company.