Theravance Biopharma Ireland, a subsidiary of a US-based group, has entered into a global licence agreement for a preclinical programme of medication for skin conditions with Pfizer worth up to $250m (€226m).
The company, whose parent is listed on Nasdaq with a valuation of $1.6bn, will receive a $10m upfront payment. Theravance is also eligible to receive up to an additional $240m in development and sales milestone payments from Pfizer, as well as royalties on any worldwide net sales of any potential products emerging from the programme.
Theravance's programme is developing JAK inhibitors for "mild-to-moderate skin conditions".
Currently, JAK inhibitors are approved for the treatment of a range of inflammatory diseases, including rheumatoid arthritis, psoriatic arthritis, myelofibrosis and ulcerative colitis.
Rick E Winningham, chief executive of Theravance, said the deal was a nice fit for Pfizer, as it would complement the pharmaceutical giant's current portfolio.
Established in 2013, Theravance Biopharma is a diversified biopharmaceutical company based in San Francisco, California. It manufactures medicines for patients being treated for serious conditions, primarily in the acute care setting.
In 2017, Theravance opened its corporate headquarters in Ireland, announcing an initial 18 jobs, with plans for 22 more. During the opening, the group announced plans to build laboratories across the country.
The Dublin subsidiary, headed by Dr Ann Brady, announced a deal with pharmaceutical giant Janssen in 2018 to develop a treatment for inflammatory intestinal diseases.
At the time, the company announced that it could earn as much as $1bn in payments.
Sunday Indo Business