Saniona AB (publ) announced a new research collaboration with AstronauTx in Alzheimer's disease. Saniona may receive up to SEK 1.9 billion ($177 million) in milestone payments as well as royalties on worldwide net sales of resulting products under the collaboration. The objective of the collaboration is to identify new treatments for Alzheimer's disease and other neurodegenerative conditions by modulating a novel, undisclosed ion channel target.

Saniona has built unique know-how and technology with the aim to modulate this drug target by potential new drug candidates. A core component of the research collaboration will be the use of Saniona's proprietary platform, IonBaseTM, for the modulation of ion channels. Saniona will receive research funding during the research period.

During the first year of the collaboration, Saniona expects to receive research funding of around SEK 15 million (EUR 1.3 million). AstronauTx has an option to obtain exclusive worldwide rights to research, develop, manufacture, and commercialize therapeutics identified through the collaboration. Saniona will receive milestone payments of up to SEK 1.1 billion ($102 million) upon the achievement of certain research, development, and regulatory milestones.

In addition, Saniona is entitled to commercial milestone payments of up toSEK 0.8 billion ($75 million) and tiered royalties on net sales of any potential products commercialized by AstronauTx as a result of this collaboration. Further financial details were not disclosed.