Praxis Precision Inks Licensing Deal With Tenacia Biotechnology For Ulixacaltamide In China

(RTTNews) - Biopharmaceutical company Praxis Precision Medicines, Inc. (PRAX) announced Friday an exclusive collaboration and license agreement with China-based clinical-stage biopharmaceutical company Tenacia Biotechnology (Shanghai) Company, Ltd.

Under the agreement, Tenacia will develop and commercialize ulixacaltamide for the treatment of essential tremor in Greater China, including mainland China, Hong Kong, Macau, and Taiwan.

As part of the collaboration agreement, Praxis will receive $15 million up front, including $5 million in cash and a $10 million investment in Praxis common stock.

Additionally, Praxis will be eligible for an additional $264 million in development, regulatory and commercialization milestone payments, as well as tiered royalties on net sales.