GRIN Therapeutics Inc., a developer of therapies to treat serious neurodevelopmental disorders, and Angelini Pharma, part of the privately owned Angelini Industries, have partnered for the development and commercial rights outside of North America of GRIN Therapeutics’ investigational drug radiprodil, currently being studied in multiple rare genetic epilepsies and neurodevelopmental disorders.

GRIN Therapeutics also announced the closing of its $140 million Series D financing with investment by Angelini Pharma and Blackstone Life Sciences. Together, the two transactions highlight a significant total near-term commitment of $115 million from Angelini Pharma, which includes a $65 million strategic equity investment and a $50 million upfront payment related to the collaboration. Existing GRIN Therapeutics investor Blackstone Life Sciences contributed $75 million to the Series D financing round.

“We are very pleased to close this financing round and to welcome Angelini Pharma—an ideal partner whose engagement reflects the significant value we’ve built around the radiprodil program in a relatively short period,” said Bruce Leuchter, MD, President & CEO of Neurvati Neurosciences and GRIN Therapeutics. “This strategic collaboration marks an important point of validation for GRIN Therapeutics, the clinical data generated to date, and the potential of radiprodil as the first approved treatment for patients with GRIN-related neurodevelopmental disorder (GRIN-NDD)—a population with urgent unmet need.”

“Our strategic collaboration with GRIN Therapeutics, including our participation in this Series D financing and in-licensing deal for radiprodil, reflects our dedication to advancing highly innovative treatments in brain health, building on our deep therapeutic expertise in neurology and psychiatry” said Jacopo Andreose, PhD, CEO of Angelini Pharma. “We see radiprodil as an opportunity to address the substantial unmet medical need of people living with GRIN-NDD and potentially other rare pediatric neurological diseases. We look forward to working closely with the team at GRIN Therapeutics to help bring this promising therapy to patients around the world.”

Radiprodil is a targeted, selective, and potent negative allosteric modulator of the GluN2B subunit of the N-methyl-D-aspartate (NMDA) receptor. NMDA receptors are crucial for synaptic transmission, cognition and seizures. Several NDDs and epilepsy syndromes are associated with either genetic mutations or overactivation of NMDA receptors.

Under the terms of the agreement, GRIN Therapeutics will continue to lead global development and retain exclusive rights for radiprodil in the United States, Canada, and Mexico. Angelini Pharma will receive exclusive rights to commercialize radiprodil in the rest of the world.

GRIN Therapeutics will receive an upfront payment of $50 million, and the parties will share certain clinical development costs for radiprodil. Additionally, GRIN Therapeutics may receive up to an additional $520 million based on achieving certain development, regulatory and sales milestones.  GRIN Therapeutics is also eligible to receive tiered royalties based on global sales as well as payments from any future sublicense transactions outside of Europe.