California-based CNS disorder biotech Vistagen announced this week that it would be acquiring Pherin Pharmaceuticals, in a definitive agreement under worth 12.4 million shares of Vistagen common stock and a "nominal" amount of cash.
Upon closing of the acquisition, Vistagen will gain full ownership of Pherin's most advanced drug candidates, PH94B and PH10. PH94B is currently in phase 3 development for social anxiety disorder (SAD) and phase 2 development for adjustment disorder with anxiety (AjDA), and PH10 is in clinical development for major depressive disorder (MDD). Vistagen had been licensing the two drugs from Pherin since 2018.
Back in September, the Vistagen announced that following disappointing results from a previous trial for PH94B, it had decided to proceed with its phase 3 clinical trial assessing drug candidate for adults with Social Anxiety Disorder (SAD), after an independent team of biostatisticians evaluated the trial results and recommended that the study should continue as planned.
As part of the deal, Vistagen will also expand its pipeline with three new early clinical-stage pherine product candidates: PH15 for cognition improvement; PH80 for migraine and hot flashes; and PH284 for appetite-related disorders.
