Perrigo Company plc, leading global healthcare supplier, has entered into a series of agreements with existing collaboration partner, Transition Therapeutics Inc., to progress the clinical development of ELND005 (Scyllo-inositol) in a number of important indications including Alzheimer's disease, bipolar disorder and down syndrome.
As part of the transaction, Transition Therapeutics will acquire all of the shares of a wholly owned, indirect Irish subsidiary of Perrigo Company plc which has present day responsibilities for carrying out all development activities associated with ELND005.
Additionally, affiliates of Perrigo Company plc will make a $15 million investment in return for 2,255,640 common shares of Transition Therapeutics and will be eligible to receive royalties and milestone payments should ELND005 be commercialized. As of closing today, Transition Therapeutics and its subsidiaries will become responsible for all ongoing development activities and costs associated with ELND005.
Perrigo's chairman and CEO Joseph C. Papa stated, "We are delighted to be strengthening our partnership with Transition Therapeutics today and believe this transaction enhances the opportunity for success of the ELND005 programme given Transition's long history with the molecule and focus on innovative science. Additionally, this transaction illustrates Perrigo's continued commitment to focus its efforts, energy and resources on opportunities and development projects that are core to our business and mission of providing quality, affordable healthcare products to consumers around the globe."
Perrigo Company plc, headquartered in Ireland, has grown to become a leading global healthcare supplier. Perrigo develops, manufactures and distributes over-the-counter (OTC) and generic prescription (Rx) pharmaceuticals, nutritional products and active pharmaceutical ingredients (API), and receives royalties from Multiple Sclerosis drug Tysabri.