01:20 PM EDT, 04/11/2024 (MT Newswires) -- Harmony Biosciences ( HRMY ) said Thursday it has an exclusive licensing deal with Bioprojet to develop, manufacture and commercialize TPM-1116 in the US and Latin American territories.

Harmony said it will pay Bioprojet an upfront license fee of $25.5 million, plus up to $127.5 million tied to development and regulatory milestones and up to $240 million in sales-based milestones. Harmony also will pay a royalty rate in the mid-teens on sales.

TPM-1116 is an oral orexin-2 receptor agonist set to be evaluated for the treatment of narcolepsy and other sleep/wake disorders, the company said.

Shares of Harmony rose 3.8% in recent trading Thursday.

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