Ipsen and IRLAB announced the signing of a licensing agreement, providing Ipsen exclusive worldwide development and commercial rights to mesdopetam, a novel dopamine D3-receptor antagonist. Mesdopetam is being assessed in Phase IIb clinical trials as a potential treatment option for people living with Parkinson’s disease (PD) experiencing levodopa-induced dyskinesia (LID). It is estimated that approximately 40% to 50% of people living with PD will experience LID after five years of initiating dopamine replacement therapy. LID currently has limited treatment options. Mesdopetam is also in early development for Parkinson’s Disease Psychosis (PDP), which is a common symptom of PD; around 50% of people with PD eventually develop such symptoms over the course of their disease. Under the terms of the agreement, IRLAB will be eligible to receive up to $363 million, including an upfront cash payment of $28 million and up to $335 million in development, regulatory and commercial milestones. IRLAB is also eligible to receive tiered low double-digit royalties on worldwide net sales of mesdopetam. The transaction does not impact Ipsen’s financial guidance for 2021.