Autifony signs deal with Jazz for up to $770m

Portfolio company Autifony signs global licencing deal worth up to $770m with Nasdaq's Jazz Pharmaceuticals

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), which invests in breakthrough science and innovation companies with the potential to create a better future for all, is pleased to note that Autifony Therapeutics Ltd ("Autifony" or "the Company") has entered into an exclusive global licensing agreement with Nasdaq-listed Jazz Pharmaceuticals plc ("Jazz"). Through the agreement, Autifony, which is pioneering the development of novel pharmaceutical treatments for rare CNS disorders and other serious brain diseases, will discover and develop drug candidates targeting two different ion channel targets associated with neurological disorders.

Under the terms of the agreement, Autifony will receive an upfront payment from Jazz and is eligible to receive development, regulatory and commercial milestone payments across the two programmes. The upfront and milestone payments have a combined total value of up to $770m. Autifony is also eligible to receive tiered royalties on future net sales.

Autifony will lead drug discovery and preclinical development activities on the two targets. Subsequent to successful completion of such preclinical development, Jazz will lead all clinical development, manufacturing and regulatory activities and commercialisation.

IP Group has an undiluted beneficial holding in Autifony of 26.3%, valued at £4.6m. The directors will review the carrying value of Autifony, as usual, as part of the Group's Annual Results for 2023 in light of this transaction and all other relevant information. The directors currently anticipate a fair value gain of approximately £5m.

About Autifony

Autifony Therapeutics is an independent UK based biotechnology company formed in 2011 as a spin-out from GSK, which retains equity in the company. The Company is focused on the development of high value, novel medicines to treat serious diseases of the central nervous system. It is funded by SV Health Investors, IP Group, Pfizer Ventures, International Biotechnology Trust PLC, and UCL Business plc. For more information, please visit www.autifony.com.