Fenwick Represents Stoke Therapeutics in Strategic Collaboration with BioGen

Fenwick represented Stoke Therapeutics, Inc. (Nasdaq: STOK), a biotechnology company dedicated to restoring protein expression by harnessing the body’s potential with RNA medicine, in its strategic collaboration with BioGen Inc. (Nasdaq: BIIB) to develop and commercialize zorevunersen for the treatment of Dravet syndrome, a rare genetic epilepsy associated with refractory seizures and neurodevelopmental impairments.

Under the terms of the agreement, Stoke will continue to lead global development and retains exclusive development and commercialization rights for zorevunersen in the United States, Canada, and Mexico, while Biogen receives exclusive rights to commercialize zorevunersen in the rest of the world. Upon the transaction’s closing, Stoke will receive an upfront payment of $165 million. The parties will share external clinical development costs for zorevunersen, with 30% paid by Biogen and 70% paid by Stoke. Additionally, Stoke may receive up to $385 million in development and commercial milestone payments. Stoke will also be eligible to receive tiered royalties ranging from low double digits to high teens on potential net sales in the Biogen territory. Stoke has also granted Biogen an option to license rights outside of the United States, Canada, and Mexico to certain future follow-on ASO products targeting SCN1A, in exchange for separate milestone, cost sharing, and royalty considerations. More information can be obtained from the company’s announcement.

The Fenwick transaction team was led by Life Sciences transactions partner Stefano Quintini, and included counsel Amy Manning, Life Sciences transactions partner Jake Handy, and tax partner William Skinner.