Ovid rises on license deal with AstraZeneca for epilepsy therapies

Ovid Therapeutics

03/01/2022 13:43

** Drug developer's shares  OVID.O  up ~2.5% at $3.29
premarket 
    ** Co signs an exclusive license agreement http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220103:nGNXG49qG&default-theme=true
 with AstraZeneca Plc  AZN.L  for a library of compounds meant
for therapies that treat epilepsy
    ** Under the terms, AZN will receive $5 mln in cash along
with $7.5 mln in OVID common shares upfront
    ** AZN also eligible for clinical development and regulatory
milestone payments of up to $8 mln and $45 mln, respectively 
    ** Total commercial milestones could reach $150 mln; tiered
royalty payments range from single digits to up to 10% of net
sales
    ** 3 of 4 brokerages rate the stock "buy" or higher and 1
rates it "hold"; their median PT is $5.50 - Refinitiv data

 (Reporting by Sohini Podder in Bengaluru)
 ((sohini.podder@thomsonreuters.com))