United Therapeutics Corporation, a leading biotechnology company focused on development of therapies for the treatment of pulmonary arterial hypertension (PAH), and Corsair Pharma, Inc., a private biopharmaceutical company developing a transdermal treprostinil prodrug, announced that they entered into an exclusive license agreement for Corsair's portfolio of patents covering treprostinil prodrugs as well as an equity investment by United Therapeutics in Corsair.

Under the terms of the license agreement, United Therapeutics has been granted an exclusive license to Corsair's intellectual property for the development of treprostinil prodrug formulations. Corsair will continue development of transdermal treprostinil prodrug formulations for PAH. Corsair received upfront consideration, and is entitled to royalty payments based on the commercialization of treprostinil prodrug products by United Therapeutics that are covered by Corsair's patents.

In addition, United Therapeutics made a minority equity investment in Corsair that includes an option to acquire the remaining outstanding shares of Corsair. As part of this collaboration, United Therapeutics and Corsair will collaborate and support each other's development activities. United Therapeutics and Corsair are committed to the development of novel compounds that will allow more PAH patients to benefit from treprostinil by eliminating as far as possible, and as soon as possible, any pain, side effects, or safety risks associated with its delivery.

David Collier, CEO of Corsair Pharma and Velocity Pharmaceutical Development, said, "We are excited to be working with United Therapeutics to develop prodrugs of treprostinil. Both of our companies are committed to developing therapies that meaningfully improve the lives of patients suffering from PAH."

This collaboration is intended to support the success of United Therapeutics' RemoPro\ product, which is designed to bring subcutaneous treprostinil therapy to PAH patients without the infusion site pain currently associated with subcutaneous treprostinil therapy. In addition, Corsair's transdermal treprostinil patch provides another potential delivery method for the widely varied population of PAH patients, many of whom have great difficulty working with continuous infusion pumps 24-hours a day, 7 days per week.

Locust Walk acted as the exclusive financial advisor to Corsair in the transaction.