Belgian pharmaceutical company UCB has acquired the rights to Proximagen’s USL261 midazolam nasal spray for $150 million up front and potential milestone payments of up to $220 million, the company said. An NDA for USL261 is expected to be filed by the end of 2018.
Proximagen, a former subsidiary of Upsher-Smith, reported positive Phase 3 results for USL261 in April 2017 and said then that it expected to submit a 505(b)(2) NDA by the end of that year. USL2612 has been granted both orphan drug designation and fast track designation by the FDA.
UCB CEO Jean-Christophe Tellier commented, “There is a real and pressing need for effective and convenient rescue treatments in ARS that rapidly end ongoing seizures as well as those that prevent seizure reoccurrence. Midazolam Nasal Spray has delivered strong Phase 3 results; our acquisition of this program, when approved, will expand and diversify the treatment choices we are able to provide to the epilepsy community, complementing our strong internal portfolio and building on our extensive knowledge, passion and expertise in the field of epilepsy.”
Proximagen President and Chief Scientific Officer Bill Pullman said, “Rescue treatment options for acute repetitive seizures have historically been very limited. As a global leader in epilepsy, with a pioneering commitment to improving patient value, UCB was the natural choice to progress the development journey of midazolam nasal spray.”
Read the UCB press release.
