ZURICH, Switzerland Swiss biotech company Addex could receive over $170 million in collaboration with Merck & Co to develop drugs to mitigate Parkinson’s disease, Reuters reported.
The two companies aim to develop a new class of oral drugs, initially to treat Parkinson’s and potentially other illnesses, Addex said.
Shares in Addex rose more than eight percent following the announcement. The shares had fallen sharply since the company’s listing in Zurich earlier this year and are now trading at around half of their peak value, Reuters said.
U.S. drugmaker Merck will pay Addex $3 million upfront, and an additional payment up to $106.5 million for the first product development, Addex said.
Additional milestone payments of up to $61 million would be payable, if the collaboration develops one or two more drugs.