Praxis enters licensing, collaboration agreement with Tenacia

Praxis Precision Medicines announced an exclusive collaboration and license agreement with Tenacia Biotechnology, a China-based clinical-stage biopharmaceutical company focused on CNS drug development and commercialization. Under the agreement, Tenacia will develop and commercialize ulixacaltamide for the treatment of essential tremor in Greater China, including mainland China, Hong Kong, Macau, and Taiwan. As part of the collaboration agreement, Praxis will receive $15 million up front, including $5 million in cash and a $10 million investment in Praxis common stock. Additionally, Praxis will be eligible for an additional $264 million in development, regulatory and commercialization milestone payments, as well as tiered royalties on net sales.