Shire Licenses Parion’s P-321 for Dry Eye Disease

May 12, 2017: By Joan McKenna

ShireShire has signed an exclusive global licensing agreement to develop and commercialize Parion Sciences’ P-321 for dry eye disease in adults, the two companies announced May 1.

P-321 is an epithelial sodium channel (ENaC) inhibitor in Phase II development as a topical treatment to address tear volume deficiency and promote ocular surface healing.

Shire will make an initial $20 million up-front payment, plus a potential near-term milestone payment of $20 million, to lead development of P-321.

Parion is entitled to additional milestone payments, and the deal has a potential total value of $535 million.

Parion, of Durham, NC, has the option to co-fund development through later stages in exchange for royalties. In addition, Parion has the option to co-fund and benefit from commercialization.

Shire, headquartered in Dublin, launched Xiidra for dry eye disease—its first ophthalmic product—in August 2016.

 

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