UCB and Synosia sign strategic alliance in neurology
UCB, a large global biopharmaceutical company listed on Euronext in Brussels, and Synosia Therapeutics, a privately held company headquartered in Basel and specialising in the development and commercialisation of innovative products for neurological and psychiatric use, announce a new strategic partnership in neurology. Synosia grants UCB exclusive worldwide rights to an adenosine A2a antagonist development compound (SYN-115) and rights to a second compound (SYN-118), both for patients with movement disorders such as the Parkinson's disease. Further, UCB will make an equity investment totalling USD 20 million as part of a series C funding in Synosia. Synosia will also receive an undisclosed upfront payment and could receive potential regulatory and commercial milestone payments of up to a total of USD 725 million across both compounds. Reflecting the strategic nature of the alliance, two representatives of UCB will join Synosia's Board of Directors. While Synosia will be responsible for SYN-115 and SYN-118 through phase II clinical development, UCB will assume responsibility for phase III clinical development and commercialisation.
Covington & Burling LLP (IP right aspects) and Lenz & Staehelin advised UCB in this strategic alliance. The Lenz & Staehelin team was led by Beat Kühni and Benjamin Fehr (both Corporate and M&A) and included Stefano Bernasconi and Seraina Kihm.