Concert Pharmaceuticals achieves $2 million milestone from Avanir Pharmaceuticals for Phase III Initiation of AVP-786 for agitation in patients with Alzheimer’s disease

The collaboration agreement between Concert and Avanir provides Avanir with worldwide rights to develop and commercialize AVP-786 and other deuterium-modified dextromethorphan (d-DM) compounds.

“We are very pleased that AVP-786 has advanced to Phase III clinical evaluation,” said Roger Tung, President and CEO of Concert Pharmaceuticals. “Agitation associated with Alzheimer’s disease is an important unmet medical need, with no currently-approved treatments, that affects up to half of the 5.3 million patients in the US and their caregivers. We look forward to the continued progress of AVP-786 in this indication.”

The collaboration agreement between Concert and Avanir provides Avanir with worldwide rights to develop and commercialize AVP-786 and other deuterium-modified dextromethorphan (d-DM) compounds. Under the agreement, Concert is eligible to receive additional milestone payments based upon achievement of certain predefined regulatory and commercial targets. Avanir will continue to have overall responsibility for research, development and commercialization of d-DM compounds, including AVP-786, and Concert is eligible to receive tiered royalties on worldwide sales of any products containing d-DM. The milestone announced today is the third development milestone Concert has earned under this agreement.