Sonnet BioTherapeutics Holdings, Inc. (SONN) announced a new licensing partnership with Alkem Laboratories Ltd. this Wednesday. This collaboration focuses on the research, development, manufacturing, marketing, and commercialization of their molecule SON-080 for treating diabetic peripheral neuropathy (DPN) in India.
The agreement extends to the manufacturing, marketing, and commercialization efforts for chemotherapy-induced neuropathy (CIPN) and autonomic neuropathy within the Indian market.
SON-080 is Sonnet's unique formulation of recombinant human Interleukin-6 (rhIL-6), which enhances earlier innovations involving atexakin alfa.
As per the Licensing Agreement's terms, Alkem has committed to an initial payment of $1.0 million to Sonnet, with potential milestone payments reaching an additional $1.0 million.
Furthermore, upon the commercialization of SON-080 in India, Sonnet will receive a royalty fee structured as a low double-digit percentage of the net sales, minus certain specified expenses.
Alkem assumes responsibility for conducting necessary clinical trials to secure regulatory approval for SON-080 in treating DPN in India. Sonnet, by paying a Clinical Data Access fee, can utilize the clinical data from Phase 2 and Phase 3 trials to support partnerships beyond India's borders.
DPN is a severely painful and disabling condition that affects approximately 50% of individuals with diabetes.
