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Takeda Pharmaceutical Co. Ltd. (TKDG.DE) Buys Rights To Xenon Pharmaceuticals Inc.'s Pain Drug In Japan; Xenon To Receive Up To $75.5 Million Upfront


10/3/2006 9:27:49 AM

VANCOUVER, British Columbia and OSAKA, Japan, Oct. 2 /PRNewswire/ -- Xenon Pharmaceuticals Inc. (Xenon) and Takeda Pharmaceutical Company Limited (Takeda) today announced that the companies have entered into an exclusive agreement to develop and commercialize oral formulations of Xenon's lead product for pain, XEN401, in Japan and certain Asian countries. XEN401 is currently in preclinical development.

Under terms of the agreement, Xenon exclusively licensed to Takeda the right to develop and commercialize oral formulations of XEN401 in Japan and certain Asian countries. Takeda is responsible for all development and commercialization activities and related costs in the licensed territories. Xenon will receive an upfront cash payment and is eligible to receive development and regulatory milestone payments as well as sales-based milestone payments upon successful commercialization of XEN401. Takeda will pay Xenon royalties on all product sales. In addition, Takeda has an option to backup compounds to XEN401 developed by Xenon.

"We are very excited to conclude this agreement with Takeda," said Simon Pimstone, President and CEO of Xenon. "Takeda is Japan's leading pharmaceutical company with significant development and commercialization experience. Takeda is our ideal partner to fully develop and commercialize XEN401 in these territories."

"We believe that XEN401 is a compelling novel analgesic for the potential treatment of multiple pain disorders and this partnership further validates this perspective," added Rajender Kamboj, Xenon's Executive Vice President, Drug Discovery.

"There is a genuine need for improved pain treatments and such treatments are strategically linked to Takeda's core therapeutic areas including diabetes, oncology, and bone/joint disease," said Yasuchika Hasegawa, President of Takeda. "We have been very impressed by Xenon and we look forward to working with them in pursuing the clinical development of XEN401."

Annual worldwide prescription drug sales for the treatment and management of pain amount to more than $20 billion, yet there remains significant patient and physician dissatisfaction with the current treatment options. XEN401 is a novel chemical entity with tractable synthesis, oral bioavailability, favorable pharmacological properties, and potential broad analgesic utilities including the treatment of both neuropathic and inflammatory pain.

About Xenon

Xenon is a privately owned, clinical genetics-based drug discovery and development company engaged in developing novel small molecule therapies based on the genetic causes of select metabolic, neurological and cardiovascular diseases. Xenon's products include XEN401 (pain) and XEN501 (cardiac arrhythmia), both of which are in IND-enabling pre-clinical development, and has earlier staged programs focused on disorders of iron metabolism and atherosclerosis. Xenon also has an ongoing R&D collaboration and license agreement with Novartis for developing small molecule modulators targeting SCD1 for multiple indications. For more information, visit the Company's website at www.xenon-pharma.com.

About Takeda

Takeda, located in Osaka, Japan, is a research-based global company with its main focus on pharmaceuticals. As the largest pharmaceutical company in Japan and one of the global leaders of the industry, Takeda is committed to striving toward better health for individuals and progress in medicine by developing superior pharmaceutical products. Additional information about Takeda is available through its corporate website, www.takeda.com.

This release contains forward-looking statements that are not based on historical fact. These forward-looking statements involve risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements.

Source: Xenon Pharmaceuticals Inc.

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