Biogen will pay the Japanese pharma company a total of US$377mln, broken down to US$4mln upfront and US$18mln, once the option is exercised followed by US$355mln in milestone payments and royalties.
TMS’ drug TMS-007 is an acute stroke treatment designed to break down blood cost and prevent inflammation near the clot.
Strokes are the fifth leading cause of death and are responsible for one out of every 20 deaths, according to the CDC.
“By growing our acute neurology portfolio, we aim to make new advances in a disease that in the past decades has seen limited therapeutic innovation,” said Michael Ehlers, Biogen’s executive vice president of research and developments, in a press release.
Shares of the Massachusetts-based company were nearly 2% at US$303.75 by the closing bell Wednesday and were flat in Thursday pre-market trading.