Covington Represents Autifony Therapeutics in Collaboration and Option Deal with Boehringer Ingelheim

LONDON—Covington represented Autifony Therapeutics Limited in connection with an option and asset purchase agreement with Boehringer Ingelheim, with respect to Autifony's Kv3.1/3.2 positive modulator platform.

This agreement provides Boehringer Ingelheim with an exclusive option to acquire Autifony’s Kv3.1/3.2 positive modulator platform, including Autifony's lead compound that is currently being evaluated in two Phase Ib studies. Boehringer Ingelheim will pay Autifony an upfront option fee of €25 million, with the possibility of further payments of up to €17.5 million during the option period based on the achievement of short term milestones. The total potential value of the deal may reach up to €627.5 million upon reaching development and pre-commercialization milestones once Boehringer Ingelheim has exercised its option.

Autifony is an independent UK-based biotechnology company formed in 2011, focused on the development of medicines to treat serious diseases of the central nervous system, including schizophrenia, Fragile X syndrome, and hearing disorders.

The Covington team included Daniel Pavin, Winsome Cheung, James Gubbins, Guy Dingley, Chris Bracebridge, Miranda Cole, and Richard Surtees.