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BRIEF-Minerva Neurosciences enters amendment to co-development and license agreement with Janssen Pharmaceutica NV
June 14, 2017 / 8:40 PM / 3 months ago

BRIEF-Minerva Neurosciences enters amendment to co-development and license agreement with Janssen Pharmaceutica NV

June 14 (Reuters) - Minerva Neurosciences Inc:

* Minerva Neurosciences - on June 13, co entered amendment to co-development and license agreement between company and Janssen Pharmaceutica NV

* Minerva Neurosciences Inc - amendment to co-development and license agreement related to company’s min-202 product candidate

* Minerva Neurosciences Inc - pursuant to amendment, minerva will gain global strategic control of development of min-202 to treat insomnia

* Minerva Neurosciences Inc - pursuant to amendment janssen will forego its right to royalties on min-202 insomnia sales in Minerva territories

* Minerva Neurosciences Inc - Janssen has agreed to make an upfront payment to Minerva of $30 million upon effectiveness of amendment

* Minerva Neurosciences Inc - Minerva also entered into a stock repurchase agreement with Johnson & Johnson Innovation-JJDC Inc

* Minerva Neurosciences Inc - Janssen has also agreed to make a $20 million payment at start of a phase 3 insomnia trial for min-202

* Minerva Neurosciences Inc - Janssen has also agreed to a $20 million payment when 50pct of patients are enrolled in the trial for min-202

* Minerva Neurosciences - to repurchase all of about 3.9 million shares of Minerva stock held by Johnson & Johnson Innovation-JJDC Inc at $0.0001 per share

* Minerva Neurosciences-Janssen agreed to waive remaining payments due from Minerva for phase 2 development of min-202, which total about $13 million Source text: (bit.ly/2rwQciU) Further company coverage:

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