Full Press Release Details
These statements are based on the Company's current expectations and projections made by management and are not guarantees of future performance. Therefore, actual events, outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that may cause actual results to differ materially from these forward-looking statements include the fact that initial data from clinical trials may not be indicative, and are not guarantees, of the final results of the clinical trials and are subject to the risk that one or more clinical outcomes may materially change as patient enrollment continues and or more patient data becomes available. Additional risks that could cause actual results to differ materially from those in the forward-looking statements are discussed in the Company's filings with the U.S. Securities and Exchange Commission, including the "Risk Factors" sections contained therein. Such risks may be amplified by the COVID-19 pandemic and its potential impact on Ovid's business and the global economy. Except as otherwise required under federal securities laws, we do not have any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
2 January 2021 March 2021
Eliminates future obligations
Delivers strong balance sheet
Accelerates development of state-of-the-art next generation pipeline
Anticipates multiple INDs beginning in 1H 2022
Facilitates active business development March 2021
1. Agreement subject to closing conditions and regulatory approvals Evolves Our Relationship with Takeda 4
Global Collaboration
R&D: 50/50 cost sharing + milestones to Takeda
Commercialization: Profit Share
Executed multiple clinical trials enabling pivotal studies
Ovid to receive up to $856M in payments
$196M upfront at closing
Up to $660M in regulatory and commercial milestones
Ovid to receive double digits royalties up to 20% on global sales
Potential multi-billion-dollar market opportunity
Takeda to fund all development and commercial costs globally
Frees up >$250 million in estimated expense/milestone obligations for Ovid
Phase 3 pivotal trials in Dravet and Lennox-Gastaut Syndrome expected to begin in Q2 2021
Enables sourcing of external innovation to grow a sustainable rare neuroscience portfolio
Provides opportunity to build out technology platform ENABLES OVID TO BUILD ON EXISTING STRENGTHS March 2021
Target first-in-class/best-in-class therapeutics
Leverage academic collaborations to accelerate research and development Ovid's record of innovation and success attracts complementary, high-quality assets March 2021 6
Chairman, CEO Amit Rakhit MD, MBA
President, CMO Jason Tardio MBA
Chief Commercial Officer Jeffrey Rona Chief Business Officer Thomas Perone JD
GC, Corporate Secretary, and CCO Holly Roberts MD
Vice President, Medical Affairs Claude Nicaise MD
Head, Rare Disease Strategy Suzanne Wakamoto
SVP, HR Timothy Daly EVP, Finance, Corporate Controller & Treasurer Mathews Adera
VP, Neurodevelopment Julia Tsai
VP, Epilepsy Luke Rosen
VP, Accelerated Development & Community Engagement March 2021
Ovid eligible to receive up to $856M: Includes $196M upfront and additional payments upon achieving regulatory / commercial milestones
Tiered double-digit royalties up to 20% on sales; potentially a multi-billion-dollar market opportunity with an expected launch in 2024
Expect closing at the end of Q1 2021, subject to customary closing conditions
Acceleration of our state-of-the-art next generation pipeline development
Targeting three INDs in three years beginning in 1H 2022
OV329: GABA aminotransferase inhibitor targeting seizures associated with Tuberous Sclerosis Complex and infantile spasms
OV882: Short hairpin RNA (shRNA-551) targeting Angelman syndrome
OV815: Gene modulation therapies targeting KIF1A Associated Neurological Disorder (KAND)
Other undisclosed targets
Focus on business development to complement pipeline and balance portfolio
Proven track record of identifying novel mechanisms and pioneering innovative clinical strategies
Ongoing evaluation of OV101 (gaboxadol) program in Angelman syndrome and Fragile X syndrome March 2021