PureTech Health plc (PRTC, PRTC.L) and Royalty Pharma (RPRX) announced that Royalty Pharma has acquired an interest in PureTech's royalty in Karuna Therapeutics' KarXT for up to $500 million, with $100 million in cash up front and up to $400 million in additional payments.
KarXT was invented by a team at PureTech, including its Chief Innovation Officer, Eric Elenko, who served as the founding CEO of Karuna Therapeutics. KarXT is an oral, investigational M1/M4-preferring muscarinic agonist in development for the treatment of psychiatric and neurological conditions, including schizophrenia as a monotherapy and adjunctive therapy and psychosis in Alzheimer's disease. Karuna plans to submit a New Drug Application for KarXT in schizophrenia to the FDA in mid-2023.
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