Waltham biotech Radius Health acquired the rights to Arizona firm Benuvia Therapeutics’ synthetic cannabidiol (CBD) oral drug, which was developed for the treatment of the genetic disorder Prader-Willi syndrome. Radius paid $12.5 million upfront for the drug, with an additional $15 million in milestone payments. The company may also pay up to $45 million for milestones not related to Prader-Willi syndrome, as well as sales-based milestone payments and royalties.
Radius plans to start Phase 2/3 clinical trials in the second half of this year.
In 2016, Radius Health received an MLSC Tax Incentive award with a commitment to create 35 jobs in Massachusetts. The Tax Incentive program provides incentives to companies, of all sizes, looking to expand their efforts by creating new, long-term jobs in Massachusetts.