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ESPOO, Finland, Dec. 19, 2013 (GLOBE NEWSWIRE) -- ORION CORPORATION STOCK EXCHANGE RELEASE 19 DECEMBER 2013 at 7.45 p.m. EET
Orion Corporation (Nasdaq OMX Helsinki: ORNAV and ORNBV) announced today that it has entered into a license agreement with Janssen Pharmaceuticals, Inc. for the development and commercialization of Orion's novel, investigational alpha-2c adrenoceptor antagonists forthe symptoms of Alzheimer's disease, including a clinical phase compound ORM-12741.
According to the agreement, Orion will receive an upfront payment of USD 31 million and is eligible to receive milestone payments from Janssen upon successful completion of certain development and commercialization events, as well as royalties on future sales
. Orion will use the majority of the up-front payment over the next few years against the costs of the additional Phase IIa study sponsored by Orion.
Under the terms of the agreement, Orion will have exclusive commercialization rights in Europe and will grant Janssen a worldwide exclusive license to develop ORM-12741 and other compounds of alpha-2c platform. Janssen will have an exclusive right to commercialize these compounds outside Europe. Orion and Janssen will co-fund the development after an additional Phase IIa study is completed successfully by Orion.
The agreement causes no change on Orion's full-year 2013 outlook.
Dr. Reijo Salonen, Senior Vice President of R&D at Orion commented:
"In our collaboration with Janssen, I believe we will have the best of all worlds," said Dr. Reijo Salonen, SVP R&D and Chief Medical Officer for Orion. "At Janssen, there is a track record of success and commitment of developing therapies in Neurosciences; at Orion, we have a track record of inventing innovative molecules; and for Alzheimer patients, we hope that this partnership will bring them a novel medicine that will make an important difference to their lives."