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(RTTNews) - Vanda Pharmaceuticals Inc. (VNDA), on Monday, announced it has entered into an exclusive global license agreement with AnaptysBio Inc. (ANAB) for the development and commercialization of imsidolimab, an investigational IL-36R antagonist antibody.

The deal grants Vanda global rights to imsidolimab, which has shown positive results in two Phase 3 trials for Generalized Pustular Psoriasis or GPP, a rare and life-threatening skin condition.

As part of the agreement, AnaptysBio will receive an upfront payment of $10 million, a $5 million payment for existing drug supply, and is eligible for up to $35 million in future milestone payments, in addition to a 10% royalty on global net sales.

Imsidolimab works by inhibiting IL-36R, a receptor involved in the inflammatory process of GPP, providing a new treatment approach for patients.

Vanda plans to begin preparing regulatory submissions for the U.S. and EU in 2025, aiming to bring the treatment to market.

Commenting on the collaboration, Dr. Mihael H. Polymeropoulos, CEO of Vanda said, "We are excited to add imsidolimab to our portfolio of treatments for rare diseases."

He further added, "This collaboration strengthens our focus on rare dermatological conditions and supports our broader commitment to improving the lives of patients with high unmet needs."

VNDA is currently trading at $4.24, down 3.74%. ANAB is also down 4.52% at $17.12.

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