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Addex Enters License Deal with Merck, Shares Jump

Shares of Addex Pharmaceuticals jumped Monday after the Swiss company said it entered a license agreement with U.S.-based Merck to develop a new class of orally available drugs to treat Parkinson's disease and perhaps other conditions.

Under the terms of the deal, Addex will receive $3 million upfront and is eligible for up to $106.5 million in research, development and regulatory milestone payments for the first product developed for multiple treatments.

Additional milestones of up to $61 million would be payable if a second and third product is developed.

Merck and Addex will collaborate on preclinical development. Whitehouse Station, N.J.-based Merck will be responsible for clinical development.

Addex shares jumped 8.2 percent to 39.50 Swiss francs ($34.93) in Zurich.