On September 8, 2020 Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) reported the completion of the sale of Lexicon’s rights, title and interest in XERMELO (telotristat ethyl) to TerSera Therapeutics LLC (Press release, Lexicon Pharmaceuticals, SEP 8, 2020, View Source [SID1234564749]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

Lexicon received $160.4 million in cash at closing, comprised of a $155 million upfront payment and additional payments for inventory and other closing considerations. Lexicon may receive additional milestone payments of up to an aggregate of $65 million for the development and commercialization of telotristat ethyl in patients with biliary tract cancer. Additionally, Lexicon will be eligible to receive mid-teens royalties on net sales of XERMELO in biliary tract cancer. In connection with the transaction, TerSera offered employment to 28 Lexicon employees. Lexicon plans to realign its business around its research and development assets, with a focus on its LX9211 neuropathic pain program, now in Phase 2 clinical development, while substantially reducing its debt by fully repaying its $150 million secured term loan.

About LX9211
LX9211 is a potent, orally delivered, selective small molecule inhibitor of AAK1, a target discovered and extensively characterized in an alliance with Bristol Myers Squibb. Preclinical studies of LX9211 demonstrated central nervous system penetration and reduction in pain behavior in models of neuropathic pain without affecting opiate pathways. Lexicon holds exclusive research, development and commercialization rights to LX9211 and additional compounds acting through AAK1 under the alliance.