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| Arkuda Therapeutics Announces Option and Asset Purchase Agreement | ||
| By: PR Newswire Association LLC. - 07 Feb 2024 | Back to overview list |
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- Arkuda to grant Janssen option to acquire Arkuda's portfolio of lysosomal function enhancers in exchange for upfront option payment and opportunity for additional milestone payments WATERTOWN, Mass., Feb. 7, 2024 /PRNewswire/ -- Arkuda Therapeutics, a biotechnology company applying novel insights at the intersection of lysosomal biology and neuronal health to develop medicines that change the trajectory of neurodegenerative disease such as Alzheimer's disease, Parkinson's disease and Frontotemporal dementia, today announced that it entered into an option and asset purchase agreement with Janssen Pharmaceuticals, Inc. (Janssen), a Johnson & Johnson company, which grants Janssen an exclusive option to purchase Arkuda's portfolio of lysosomal function enhancers.
Under the terms of the agreement, Arkuda will receive an upfront payment, consisting of an option payment from Janssen and an investment from Johnson & Johnson Innovation – JJDC, Inc. Janssen obtains the right to acquire Arkuda's portfolio of lysosomal function enhancers for an upfront payment and additional milestone payments. “Arkuda has established a leadership position in the area of lysosomal biology in neurodegenerative diseases over the past several years,” said Gerhard Koenig, Ph.D., President and CEO, adding “this agreement represents an important next step for Arkuda and provides validation of our leading-edge work in neurodegeneration.” About Arkuda Therapeutics Arkuda Therapeutics is a biotechnology company applying insights into lysosomal biology to drive the development of medicines to change the trajectory of neurodegenerative disease. The company is exploring the therapeutic potential of its lysosomal function enhancers in neurodegenerative diseases where genetic links to dysfunction in progranulin and lysosomal biology have been established, including Frontotemporal Dementia, Alzheimer's Disease and Parkinson's Disease. Arkuda is backed by leading investors including Atlas Venture, Cormorant Asset Management, Pfizer Ventures, funds managed by abrdn Inc., Mission BioCapital, and Eli Lilly and Company. To learn more visit www.arkudatx.com.
SOURCE Arkuda Therapeutics
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