LONDON (Alliance News) - PureTech Health PLC on Monday said its subsidiary Alivio Therapeutic Inc partnered with Purdue Pharma LP to advance candidate ALV-107 through clinical development.
ALV-107 is Alivio's product for the treatment of interstitial cystitis/bladder pain syndrome.
Under the terms of the agreement, Alivio will receive up to USD14.8 million in upfront and near-term license exercise payments. It also is eligible to receive royalties on product sales and over USD260 million in research and development milestones.
Purdue has an option to collaborate on a limited number of additional compounds utilising Alivio's inflammation-targeting technology, and an option to invest in Alivio's next equity financing.
"This programme reflects PureTech's ongoing commitment to addressing pain through novel, non-opioid approaches," said PureTech Chief of Business & Strategy Bharatt Chowrira.
"The Alivio platform technology also has broad potential to address a range of inflammatory conditions beyond pain, which Alivio will continue to evaluate as part of Alivio's internal research & development efforts," added Chowrira.
The London-listed biopharmaceutical company's shares were trading 3.6% higher on Monday at 176.15 pence each.
PureTech (PRTC)