NEW YORK and OSAKA, Japan, March 2, 2011 /PRNewswire/ -- Intra-Cellular Therapies, Inc. ("ITI") and Takeda Pharmaceutical Company Limited (TSE: 4502, "Takeda"), today announced that they have entered into an exclusive collaboration to develop and commercialize selective phosphodiesterase type 1 (PDE1) inhibitors, discovered by ITI, for the treatment of cognitive impairment associated with schizophrenia. This agreement is targeted worldwide, but ITI has retained the option to co-promote with Takeda in the United States.
ITI's PDE1 inhibitors are unique, orally available, preclinical stage compounds. These compounds have potential to be treatments for a variety of psychiatric and neurological diseases.
Under the terms of the agreement, ITI will receive an upfront cash payment and will be eligible to receive payments of approximately $500 million in the aggregate upon achievement of certain development milestones and up to an additional $250 million in the aggregate upon achievement of certain sales-based milestones, along with tiered royalty payments based on net sales by Takeda. Takeda will be solely responsible for development, manufacturing and commercialization of PDE1 inhibitors.
"Takeda's strength in CNS drug development and commercialization complements ITI's innovative approach to discovery, research and development," said Sharon Mates, Chairman and CEO of Intra-Cellular Therapies, Inc. "We are delighted to be working together with Takeda to advance the development of our novel PDE1 inhibitors. This program represents a unique approach to the treatment of cognitive impairment associated with schizophrenia (CIAS) and other disorders."
"We are able to enhance our central nervous system pipeline, one of our Core Therapeutic Areas, through this collaboration," said Shigenori Ohkawa, a member of the Board and Executive Vice President, Chief Scientific Officer of Takeda Pharmaceutical Company Limited. "We believe that ITI's PDE1 inhib