Addex gains $702M on Merck deal

Addex Pharmaceuticals was focusing on the positive this morning when it touted a $702 million pact with Merck for an experimental schizophrenia drug candidate. Merck is paying $22 million up front and up to $455 million more for regulatory, sales and development milestones for ADX63365. The deal also outlines up to $225 million in milestone products for two indications involving a second product.

Separately, Addex announced that ADX10059 had failed a Phase IIa trial for acute anticipatory anxiety in patients with dental anxiety. But Addex says the drug still has potential for treating other anxieties. On balance, investors and analysts saw more good than bad news in the twin announcements. Addex shares rose slightly.

"Through this second collaboration with Addex we have now gained access to a promising drug candidate targeting this receptor that potentially allows us to address an area of high medical importance where current therapies are clearly inadequate," said Merck's Darryle D. Schoepp.

- see this release on the Merck deal
- and here is the release on the trial data
- check out the report from Dow Jones

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