Jazz Pharmaceuticals and Saniona announce global license agreement

Jazz Pharmaceuticals (JAZZ) and Saniona announce that the companies have entered into a global license agreement for Jazz to obtain exclusive worldwide rights to develop SAN2355, a highly differentiated, subtype-selective Kv7.2/Kv7.3 activator in preclinical development for epilepsy and other potential indications, designed to overcome the limitations of non-selective Kv7-targeting compounds. Jazz will lead and fund further development, regulatory submissions, and global commercialization activities. Under the terms of the exclusive licensing agreement, Saniona will receive an upfront payment of $42.5M. Saniona is eligible to receive: up to $192.5M in development and regulatory milestones, including a $7.5M milestone payment upon initiation of the first Phase 1 clinical study; up to $800M in commercial milestone payments based on the achievement of significant and pre-specified annual net sales thresholds; and tiered royalties ranging from the mid-single digits to low-double digits on net sales of commercial products resulting from the development of SAN2355.