RTTNews | Mar 3, 2021 10:01AM EST

10:01 Wednesday, March 3, 2021 (RTTNews.com) - Shares of Ovid Therapeutics Inc. (OVID) are soaring over 43% Wednesday morning, after the company announced that Takeda has entered into an exclusive agreement under which Takeda will secure global rights at closing from Ovid to develop and commercialize the investigational medicine soticlestat (TAK-935/OV935) for the treatment of developmental and epileptic encephalopathies, including Dravet syndrome (DS) and Lennox-Gastaut syndrome (LGS).

Ovid is eligible to receive up to $856 million in payments, including a $196 million upfront payment, regulatory and commercial milestone payments and tiered double-digit royalties on product sales.

The stock, which has been trading in the range of $1.80 - $9.40 for the past one year, is currently trading at $4.24, up $1.28 or 43.24%, with trading volume soaring over 54.5 million versus an average volume of 2.29 million shares.

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