Ovid’s once-dismissed drug finds a champion in Europe
Ovid Therapeutics found a commercial partner for its lead drug, OV101, the latest step in a year-long comeback that has seen a five-fold increase in th company’s share price.
Ovid signed away the European rights to OV101, a treatment for the rare Angelman syndrome, to a family-owned Italian company called, wait for it, Angelini Pharma. In biotech terms, the deal numbers are small: $20 million up front and more than $200 million tied to milestones. But any partnership seemed unthinkable back in early 2019, when OV101 seemed hopeless and a share of Ovid went for less than $2.
Ovid’s comeback isn’t complete. The company has succeeded in convincing scientists, investors, and the FDA to accept a little-known metric as the means for deciding whether Angelman patients are improving. Now it has to demonstrate that OV101 works. Data from a Phase 3 trial are expected in the fourth quarter of this year.
Ovid signed away the European rights to OV101, a treatment for the rare Angelman syndrome, to a family-owned Italian company called, wait for it, Angelini Pharma. In biotech terms, the deal numbers are small: $20 million up front and more than $200 million tied to milestones. But any partnership seemed unthinkable back in early 2019, when OV101 seemed hopeless and a share of Ovid went for less than $2.
Ovid’s comeback isn’t complete. The company has succeeded in convincing scientists, investors, and the FDA to accept a little-known metric as the means for deciding whether Angelman patients are improving. Now it has to demonstrate that OV101 works. Data from a Phase 3 trial are expected in the fourth quarter of this year.
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