Merck & Co. Inc. demonstrated its liking for Addex Pharmaceuticals AG's approach to modulating glutamate receptors by entering a second deal with the Swiss firm in consecutive months.
The latest pact is potentially worth up to $702 million in up-front and milestone payments, plus royalties on product sales. It concerns ADX63365, a preclinical positive allosteric modulator of metabotropic glutamate receptor 5 (mGluR5), and related compounds, in development for treating schizophrenia and other undisclosed central nervous system indications.
Geneva-based Addex would capture the total value of the deal if two products were to gain approval in a total of four …
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