Benzinga | Dec 16, 2020 04:06PM EST

Lexicon Pharmaceuticals Enters Data Collaboration With AC Bioscience; Lexicon Will Receive An Upfront Payment And Is Eligible To Receive Milestone Payments Totaling Up To $5.3M In The Aggregate

Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX), announced today that it has entered a collaboration enabling the use by AC Bioscience LTD of preclinical and clinical data for LX2931 without granting any right or license under any of Lexicon's patent rights for the compound. LX2931 is a small molecule sphingosine-1-phosphate (S1P) lyase inhibitor that is currently not in active development at Lexicon.

"In line with our realignment around the rapid development of the LX9211 program, we continue to evaluate our pipeline and determine the most effective way to advance our broad library of compounds and targets," said Praveen Tyle, Ph.D., executive vice president of research and development. "We are pleased to collaborate with AC Bioscience to accelerate their efforts around S1P and look forward to learning additional information about this potentially interesting pathway."

Under the terms of the agreement, Lexicon will receive an upfront payment and is eligible to receive milestone payments totaling up to $5.3 million in the aggregate.