Karyopharm enters agreement for Biogen to acquire KPT-350
Karyopharm Therapeutics (KPTI) announced its entry into an agreement for Biogen (BIIB) to acquire Karyopharm’s investigational oral SINE compound KPT-350 and other assets for the treatment of certain neurological and neurodegenerative conditions.
KPT-350 is a novel therapeutic candidate that works by inhibiting XPO1, resulting in reductions in inflammation and neurotoxicity, as well as increasing neuroprotective responses.
Under the terms of the agreement, Biogen is acquiring KPT-350 and other assets targeting certain neurological conditions, including amyotrophic lateral sclerosis.
In exchange, Karyopharm will receive a one-time upfront payment of $10M from Biogen and is eligible to receive additional payments of up to $207M based on the achievement by Biogen of future specified development and commercial milestones.
Karyopharm will also be eligible to receive tiered royalty payments from Biogen that reach low double digits based on future net sales of specified product candidates, including KPT-350.
KPTI closed at $10.45.
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