Cleary Gottlieb is representing Takeda Pharmaceutical Company Limited (Takeda) in its agreement with Ovid Therapeutics Inc. (Ovid) under which Takeda will secure global rights from Ovid to, and assume sole responsibility for, the further worldwide development and commercialization of the investigational medicine soticlestat (TAK-935/OV935) for the treatment of developmental and epileptic encephalopathies, including Dravet syndrome and Lennox-Gastaut syndrome.
Under the terms of the agreement, Ovid will be eligible to receive up to $835 million in payments, including an upfront payment of $196 million.
The transaction was signed on March 2, 2021, and announced on March 3, 2021. The transaction is expected to close by the end of March 2021.
Takeda is a global, values-based, research, and development-driven biopharmaceutical company based in Japan committed to discovering and delivering life-transforming treatments, guided by its commitment to its patients, its people, and the planet.