Summit inks revenue sharing agreement with Wellcome Trust
Source - SMW
Summit Therapeutics confirmed that the Company has entered into an equity and revenue sharing agreement with the Wellcome Trust, covering potential future revenues generated by ridinilazole.
"The Wellcome Trust has played a crucial role in supporting the development of our CDI programme, having provided funding to advance ridinilazole from the early stages of discovery through to generating clinical proof of concept in patients with CDI," commented Dr David Roblin, Chief Operating Officer and Medical Officer at Summit.
"We believe ridinilazole is a precision antibiotic that has the potential to become a front-line therapy for CDI and to deliver real patient benefit. We look forward to commencing our Phase 3 clinical programme in the first half of 2018."
Under the Revenue Share Agreement, the Wellcome Trust is eligible to receive the following payments if commercialisation of ridinilazole is undertaken by a third-party:
- A mid-single digit percentage share of net revenues received by Summit from sales by the third party.
- A one-time first commercial sale milestone payment of a low single digit percentage of any cumulative pre-commercial payments received by Summit from third party licensees (excluding development funding or grant funding received from the US Government Agency, BARDA, or other third parties, including licensees). - A one-time milestone payment of a specified amount if cumulative net revenues exceed a specified amount.
If Summit undertakes the commercialisation of ridinilazole, Wellcome Trust is eligible to receive:
- A low-single digit percentage share of net revenues.
- A one-time milestone payment of a specified amount if cumulative net revenues exceed a specified amount.
At 1:41pm: (LON:SUMM) Summit Therapeutics PLC share price was +12.5p at 157.5p