Plymouth Meeting-based Harmony Biosciences acquired Epygenix Therapeutics of Paramus, New Jersey, last month, which added a potential treatment for epilepsy to its new drug candidate pipeline, writes John George for the Philadelphia Business Journal.
According to the deal, Harmony will pay $35 million upfront to the North Jersey biopharmaceutical company, as well as potential milestone payments of up to $645 million. This includes up to $130 million based on development and regulatory milestones, while the rest is tied to achieving undisclosed sales targets.
The news sent Harmony’s shares soaring on Tuesday. The stock was up 10 percent in mid-afternoon trading to $32.14 and ended the day up 6 percent at $30.91 per share.
Epygenix currently has a lead new drug candidate, EPX-100, in late-stage clinical testing as a treatment for Dravet Syndrome and Lennox-Gastaut Syndrome, two rare types of epilepsy.
According to Dr. Jeffrey M. Dayno, CEO of Harmony, the acquisition provides the company with three distinct central nervous system franchises that are currently in late-stage development. Each has potential peak sale opportunities of $1 billion to $2 billion domestically.
Read more about Harmony Biosciences and its new acquisition of Epygenix Therapeutics in the Philadelphia Business Journal.
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