Takeda Pharmaceutical Co. Ltd. (4502.TO) said Friday it and Envoy Therapeutics Inc. of the U.S. have formed a three-year alliance for discovering new schizophrenia drugs.
Takeda, Japan's largest pharmaceutical company by sales, will make an upfront payment of $3 million and shoulder $2.25 million a year of their joint research cost, they said in a joint statement.
The Japanese drug maker will also pay milestone and royalty fees to the Florida-based company when they successfully develop and commercialize one or more schizophrenia treatments.
Their agreement is aimed at developing a better and safer drug for schizophrenia, a chronic brain disorder affecting more than 20 million people worldwide.
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