Ovid sells 13% of soticlestat royalties & milestones to Ligand for $30M; cash runway into 2026

Ovid Therapeutics Inc.

Ligand pays Ovid $30M (non-dilutive) for 13% of soticlestat regulatory/commercial milestones and tiered royalties (low double-digits to 20%).
Ovid retains 87% of soticlestat economic interest; Takeda funds all development and has no further obligations for Ovid.
Cash runway extended into 2026 (from into 2025), enabling expansion of pipeline of rare epilepsy and anti-seizure programs.
Soticlestat is in two pivotal Phase 3 trials for Lennox-Gastaut and Dravet syndromes; Takeda anticipates regulatory filings in FY2024.

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

Ovid Therapeutics Inc. entered into Purchase Agreement with Ligand Pharmaceuticals Incorporated valued at $30 million (effective 2023-10-17).

Action: entry
Agreement: asset purchase
Counterparty: Ligand Pharmaceuticals Incorporated
Value: $30 million
Effective: 2023-10-17

Exact text from the filing

On October 17, 2023, Ovid Therapeutics Inc. (the “Company”) entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with Ligand Pharmaceuticals Incorporated (“Ligand”) for the sale to Ligand of the following (the “Purchased Assets”):

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281 material agreements filed in the last 30 days. Browse all material agreements →

Ovid Therapeutics Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-053875

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