GRI Bio enters into asset purchase agreement with Aardvark for sale of ADAIR

GRI Bio announced that the Company has entered into an asset purchase agreement pursuant to which Aardvark Therapeutics will acquire certain assets and intellectual property of the Company that pertain to ADAIR. Aardvark intends to utilize the ADAIR formation technology for the development of certain follow-on pipeline programs. Under the terms of the agreement, Aardvark will assume responsibility for and endeavor to develop and commercialize the purchased assets. Exclusive license rights to develop and commercialize ADAIR in Europe and the UK were previously licensed to Medice Arzneimittel Putter GmbH, a leader in the European ADHD market. GRI Bio will receive a modest up-front payment and the potential to earn milestone payments for achievements in development and commercialization from Aardvark up to approximately $80 million. “This agreement represents a great opportunity for GRI Bio as it allows us to optimize our non-strategic asset that we acquired through our merger with Vallon, while allowing us to maintain our focus on advancing our pipeline of novel assets in development for inflammatory and fibrotic diseases. We believe in the potential of ADAIR and are pleased to have it continue on in its development at Aardvark,” commented Marc Hertz, PhD, Chief Executive Officer of GRI Bio.