Shire has gained exclusive worldwide rights from Parion Sciences to develop and commercialize P-321, a phase 2 investigative tropical treatment for dry eye disease.
While further clinical trials are needed to fully evaluate its safety profile and efficacy, P-321 is a novel molecule that is believed to address dry eye disease by inhibiting ENaC, which is thought to block the absorption of tears, and help keep the ocular surface hydrated; current prescription treatments target the effects of ocular inflammation.
“Ophthalmics is a continued focus for Shire, and the program for P-321 will benefit from our development and commercial infrastructure and expertise,” said Flemming Ornskov, M.D., M.P.H., CEO, Shire.
He added: “This is an opportunity to apply our knowledge and experience from ophthalmics and dry eye disease for further innovation in this space. If approved, P-321 would expand our eye care portfolio.”
Paul Boucher, President and CEO of Parion, said: “This collaborative license agreement enables us the opportunity to contribute and participate in P-321’s success, while continuing our drive to progress Parion’s pipeline of novel therapies.”
While specific terms of the deal were not disclosed, Shire will make an initial $20 million upfront license payment with an additional $20 million payment based on the achievement of a near term development milestone.
Parion will be entitled to receive additional potential milestone payments, with a total potential deal value of up to $535 million.
Parion has the option to co-fund through additional stages of development in exchange for enhanced tiered double-digit royalties. In addition, Parion has the option to co-fund commercialisation activities and participate in the financial outcome from those activities.
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