Ropes & Gray advised Ovid Therapeutics in a strategic partnership with U.K.-based Healx, an AI-powered technology company, that granted Healx the exclusive option to license rights to develop and commercialize gaboxadol. The transaction was announced on February 8.
Under the agreement, Healx plans to investigate the compound as part of a potential combination therapy for rare genetic condition Fragile X syndrome, as well as a treatment for other indications.
Should Healx exercise its option, Ovid will receive milestone payments for specific clinical, regulatory, and commercial achievements associated with the drug’s development in addition to tiered royalties for marketed therapies containing gaboxadol. Ovid will retain the option to become Healx’s co-development and co-commercialization partner and would share net profits and losses in lieu of the milestones and royalty payments.
The Ropes & Gray team was led by life sciences partner Abigail Gregor and included tax partner Brenda Coleman and David Saltzman and life sciences associate Nicole Rohr (all of Boston).
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