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Harmony Biosciences (NASDAQ:HRMY) announced a licensing agreement with Paris-based biopharma company Bioprojet on Thursday to buy exclusive rights to the latter’s sleep disorder therapy, TPM-1116.
An oral orexin-2 receptor (OX2R) agonist, TPM-1116, will be targeted at sleep/wake disorders, including narcolepsy, the company said.
Per the terms, Harmony (HRMY) will acquire exclusive rights to develop, manufacture, and commercialize TPM-1116 in the U.S. and Latin America in exchange for $25.5M upfront to Bioprojet.
The company is also required to pay up to $127.5M related to development and regulatory milestones in addition to $240M in sales-related milestone payments. The deal also includes terms for a royalty rate in the mid-teens on the product sales.
Plymouth Meeting, Pennsylvania-based HRMY, has already out-licensed its FDA-approved narcolepsy therapy Wakix (pitolisant) from Bioprojet following a licensing deal in July 2017.
“The agreement will accelerate the development of this orexin-2 receptor agonist and is expected to further Harmony’s leadership in the sleep/wake space,” the company said.