Ann: Neuren advances pipeline for neurodevelopmental disorders, page-9

A formal process is said to have commenced in April and is still underway, engaging with third parties in the US, Europe and Japan.

In April, the month in which the formal process commenced, Richard Treagus referred to partnering discussions around the world with European and Japanese partners. Late the following month he said the company was "well advanced in engaging with third parties in the US, Europe and Japan" and that he anticipated the process to complete in Q3 this year.

Under the terms of the North American licensing deal for trofinetide which was signed with Acadia last August, Neuren has free access to all data and regulatory information for use outside North America and equal membership of a Joint Steering Committee to direct the development of trofinetide in all indications.

While it could be an auction-like process that is occurring, I’m not sure a (rough) time for completion would have been volunteered in May. It sounds to me more like a months-long drafting of a formal agreement has been going on.

One possibility is that two separate territorial licensing deals are being negotiated, with a European pharma licensing EU trofinetide rights and a Japanese pharma the Japanese or Asian territorial rights.

Alternatively, a European or Japanese pharma may wish to acquire the trofinetide asset outright. Let’s say it’s a Japanese pharma. It could be interested in developing trofinetide itself in Japan, licensing trofinetide to the interested European pharma and assuming Neuren’s agreement with Acadia in the US.

Surely such an agreement would require negotiations involving Neuren, the Japanese pharma, the European pharma and Acadia as well.