Minerva shares jump as J&J hands over $30M, revises insomnia drug pact; Iroko lays off 122
→ Minerva Neurosciences saw its shares $NERV jump on Thursday, after it announced revised terms to its collaboration with J&J on its orexin 2 receptor antagonist MIN-202. In a deal contingent on the closing of J&J’s acquisition of Actelion, Minerva is getting back the shares J&J purchases along with global rights to the drug. Janssen is giving up its rights to royalties on the drug and is paying a $30 million upfront and two payments totaling $40 million for late-stage milestones. And J&J is forgiving what Minerva owes it for mid-stage development. Minerva will now fund Phase III for insomnia on its own.
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