SWTX - Jazz Pharmaceuticals acquires SpringWorks Therapeutics' FAAH inhibitor program

Jazz Pharmaceuticals ([[JAZZ]] -0.6%) and SpringWorks Therapeutics ([[SWTX]] +0.7%) entered into an asset purchase and exclusive license agreement wherein the former has acquired the latter's fatty acid amide hydrolase ((FAAH)) inhibitor program including PF-04457845.SpringWorks has also assigned its license agreement, including royalty obligations, with Pfizer, under which the latter licensed PF-04457845 to the former in 2017.Initially, Jazz will focus on developing PF-04457845 for the potential treatment of post-traumatic stress disorder and associated symptoms.Jazz will also make an upfront payment of $35M to SpringWorks, with potential milestone payments of up to $375M million upon the achievement of certain milestones.SpringWorks will receive incremental tiered royalties on future net sales of PF-04457845 in the mid- to high-single digit percentages."This transaction enables the continued development of the FAAH inhibitor program while simultaneously allowing SpringWorks to further optimize our growing targeted oncology portfolio across our three core focus areas of late-stage rare oncology, BCMA combinations

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Jazz Pharmaceuticals acquires SpringWorks Therapeutics' FAAH inhibitor program