Benzinga | Jan 12, 2022 08:06AM EST

Xenon Pharma Reports Collab With Neurocrine Biosciences To Develop Treatments For Epilepsy Reached Regulatory Milestone, Triggering $15M Payment To Xenon

Xenon Pharmaceuticals Inc. (NASDAQ:XENE), a neurology-focused biopharmaceutical company, today announced that its collaboration to develop treatments for epilepsy with Neurocrine Biosciences, Inc. (NASDAQ:NBIX) achieved a regulatory milestone, which has triggered an aggregate payment of $15.0 million to Xenon. The U.S. Food and Drug Administration (FDA) accepted Neurocrine's protocol amendment that expands the study population to include subjects aged between 2 and 11 years in the ongoing Phase 2 randomized, double-blind, placebo-controlled study to evaluate the efficacy, safety, tolerability, and pharmacokinetics of NBI-921352 in pediatric patients with SCN8A developmental and epileptic encephalopathy (SCN8A-DEE).

Mr. Ian Mortimer, Xenon's President and Chief Executive Officer stated, "The shared goal of our collaboration with Neurocrine Biosciences is to develop and deliver new epilepsy treatments that improve the lives of patients. The work to date within this valued partnership has culminated in two ongoing Phase 2 clinical trials with NBI-921352. With the acceptance of this protocol amendment, children over the age of two can now be included in the ongoing Phase 2 clinical trial evaluating NBI-921352 as a treatment of SCN8A-DEE."

Pursuant to the agreement, Xenon will receive an aggregate of $15.0 million from Neurocrine Biosciences in the form of a $6.75 million payment in cash and a $8.25 million equity investment at a Xenon per share price of $31.855, calculated as a 15% premium to Xenon's 30-day trailing volume weighted average price.