Clinical-stage biopharmaceutical company Saniona AB (STO:SANION) announced on Monday that biotechnology company AstronauTx Ltd has exercised its option to acquire exclusive worldwide rights to research, develop, manufacture and commercialise therapeutic candidates from their research collaboration.

Launched in 2023, the collaboration combines Saniona's IonBase ion channel discovery platform with AstronauTx's expertise in sleep biology and neuroscience to develop small-molecule modulators of an undisclosed ion channel target.

The programme has produced development candidate ATX0926, which is expected to enter IND-enabling studies shortly and expands AstronauTx's pipeline of therapies targeting sleep biology.

As consideration for the option exercise, AstronauTx will issue to Saniona Series A shares valued at USD5m, with Saniona recognising USD5m in income and recording a corresponding investment in AstronauTx.

Saniona is also eligible for up to USD172m in development, regulatory and commercial milestone payments, comprising up to USD97m in development and regulatory milestones and up to USD75m in commercial milestones. In addition, Saniona will receive tiered royalties on net sales of products commercialised by AstronauTx under the collaboration.