Ovid Therapeutics and Angelini Pharma S.p.A. have entered an agreement in which Angelini Pharma will develop, manufacture and commercialize OV101 (gaboxadol) for the potential treatment of Angelman syndrome in the EU and other countries in the European Economic Area (Switzerland, Turkey and the United Kingdom) and Russia. Angelini Pharma will execute the agreement through its new affiliate Angelini Pharma Rare Diseases AG. OV101 is believed to be the only delta (δ)-selective GABAA receptor agonist in development and is currently being evaluated in the Phase III NEPTUNE trial in Angelman syndrome, with results expected in 4Q20.

Ovid will receive an upfront payment of $20 million and is eligible to receive up to an additional $212.5 million based on development, manufacturing and sales milestones, as well as royalties on sales if OV101 if successfully commercialized. Ovid will retain all U.S. and rest-of-world commercial rights to OV101.