Harmony Biosciences signs exclusive licensing agreement for sleeping disorders

Harmony Biosciences signed an exclusive licensing agreement with Bioprojet to develop, manufacture and commercialize TPM-1116, a highly potent and selective oral orexin-2 receptor agonist that will be evaluated for the treatment of narcolepsy and other sleep/wake disorders. The agreement will accelerate the development of this orexin-2 receptor agonist. Harmony will pay Bioprojet an upfront license fee of $25.5M for the exclusive right to develop, manufacture and commercialize TPM-1116 in the U.S. and Latin American territories. In addition, Harmony is obligated to pay up to $127.5M upon achievement of development and regulatory milestones and up to $240M upon achievement of sales-based milestones. Finally, Harmony will pay a royalty rate in the mid-teens on sales of product in the licensed territories.