Ovid enters agreement with Immedica for sale of future ganaxolone royalties

Ovid Therapeutics (OVID) announced that it has entered into a definitive agreement with Immedica Pharma AB for the sale of its future royalties related to sales of ganaxolone outside of China. Under the terms of the agreement, Immedica will pay $7 million in cash to acquire 100% of the royalty rights held by Ovid, further strengthening Immedica’s focus on ganaxolone by acquiring control of additional intellectual property rights. This transaction provides a non-dilutive capital infusion of $7 million to Ovid, which will support the Company’s ongoing operations. In 2024, Ovid recorded approximately $566,000 in ganaxolone royalty revenues. Ovid has not been pursuing development of ganaxolone, and the transaction has no impact to the Company’s current pipeline of programs.