Neurocrine and Voyager form $175M upfront gene therapy collaboration for GBA1 and rare CNS targets

NEUROCRINE BIOSCIENCES INC

$175M upfront: ~$136M cash to Voyager plus $39M equity at $8.88/share (50% premium to 30-day VWAP).
Up to $1.5B in development milestones (GBA1 ≤$985M; each of three new CNS programs ≤$175M) plus commercial milestones & royalties.
Voyager can opt for 50/50 US co-dev/co-commercial on GBA1 after Phase 1 data; otherwise tiered royalties (low-double-digit to 20% US).
Three new rare CNS gene therapy programs leverage Voyager's TRACER capsids; Neurocrine funds all development costs.
Jude Onyia, Ph.D. (Neurocrine CSO), to join Voyager's board effective closing.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NEUROCRINE BIOSCIENCES INC entered into Collaboration and License Agreement with Voyager Therapeutics, Inc. valued at approximately $136.0 million (effective 2023-01-08).

Action: entry
Agreement: collaboration
Counterparty: Voyager Therapeutics, Inc.
Value: approximately $136.0 million
Effective: 2023-01-08

Exact text from the filing

On January 8, 2023 (the “Agreement Date”), Neurocrine Biosciences, Inc. (the “Company”) entered into a Collaboration and License Agreement (the “Collaboration Agreement”) with Voyager Therapeutics, Inc. (“Voyager”)

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Source: SEC EDGAR

accession 0000914475-23-000003

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