German pharmaceutical firm Grünenthal, Chile-based Proteus and Boston Children's Hospital in the US have collaborated for the development of neosaxitoxin, a new anesthetic for local anesthesia and post-operative pain management.
After the respective agreement, both Proteus and Boston Children’s Hospital will remain as key members of the collaboration steering committee.
The agreement includes about $85m in upfront and development milestones plus undisclosed sales milestones and royalties.
Grünenthal chief scientific officer Dr Klaus-Dieter Langner said: "We are thrilled to be entering this collaboration with Proteus and Boston Children’s Hospital.
"We believe that this project could transform an area that has lacked innovation for decades."
The collaboration implements the concept of its Innovative Medicines Unit (IMU), which is tasked with building Grünenthal’s early clinical development portfolio by firstly in-licensing projects from external sources and then leading them through to successful clinical proof of concept.
Neosaxitoxin was initially developed eight years ago in a collaborative effort between Proteus and Boston Children`s Hospital and it is also the first new chemical entity (NCE) that might be brought to patients outside Chile.