Xenon licenses sodium channel inhibitors to Neurocrine to fund more advanced epilepsy programs

Xenon has exclusively licensed its sodium channel inhibitors for epilepsy to Neurocrine to focus on advancing its potassium channel modulators through the clinic. The deal adds a new indication to Neurocrine's neurology portfolio and gives the company a stake in Xenon.

Xenon will receive $50 million up front, including $30 million in cash and $20 million through the sale of 1.4 million shares at $14.20, a 20% premium to its close of $11.83 on Nov. 29. Xenon is eligible for $1.7 billion in development and sales milestones plus tiered single- to double-digit royalties for up to four products...