Arena Pharmaceuticals, a biopharmaceutical company focused on developing novel, small molecule drugs across multiple therapeutic areas, and Outpost Medicine, a biopharmaceutical company focused on the development of new treatments of urologic and gastrointestinal disorders, today announced that they have entered into a licensing agreement to advance an undisclosed, preclinical compound with potential utility in treating genitourinary disorders. This compound, targeting an undisclosed G protein-coupled receptor (GPCR), was internally discovered by Arena.
“As we continue to focus on our potentially best-in-class pipeline, it is important that we seek opportunities to further develop and enhance the value of promising assets that do not fit into Arena’s core therapeutic areas,” said Amit D. Munshi, president and CEO of Arena. “This partnership allows us to leverage Outpost’s scientific and disease specific expertise, with the goal of bringing this novel therapy to patients and is representative of the caliber of Arena’s legacy discovery platform.”
“This novel agent from Arena’s historical GPCR platform is the perfect fit to expand our pipeline of potentially breakthrough urologic treatments. We are thrilled to partner with Arena on this innovative program and advance our goal of developing and commercializing medicines that truly advance patient care and quality of life,” said Scott Byrd, president and CEO of Outpost.
Under the terms of the agreement, Arena has granted Outpost exclusive, worldwide rights to develop and commercialize the compound. In return, Arena will receive an upfront fee comprised of cash and equity totaling $3.0 million and is eligible to receive approximately $100 million in development and commercial milestone payments and up to low double-digit tiered royalties on annual net sales of the compound.
(Source: Arena Pharmaceuticals, Inc.)
