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Shire, Parion enter agreement for investigational dry eye treatment
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Shire is purchasing the worldwide rights to Parion Sciences’ dry eye compound P-321 for $20 million, the companies announced in a press release.
P-321, an epithelial sodium channel inhibitor, is a phase 2 investigational topical treatment. It was previously evaluated in a phase 1/2a study in 53 patients, and it targets tear volume deficiency and promotes ocular surface healing, the release said. It is different from other dry eye prescriptions on the market, which target the effects of ocular inflammation, because it blocks the absorption of tears to help keep the ocular surface hydrated.
Shire will pay $20 million upfront as a license payment and another $20 million if near-term development milestones are met. Full financial details were not released, but Parion could receive up to $535 million in additional potential milestone payments.
Shire expects to start a phase 2b study of P-321 “after consultation with health authorities,” the release said.