Astellas picks up Frequencys regenerative hearing loss med outside U.S. for 80M Dollars

After its hearing loss treatment proved itself safe in a small phase 1 study, Frequency Therapeutics is calling in reinforcements to help it cross the finish line. The company is licensing the program to Astellas Pharma, which will develop and market the drug outside the U.S., for $80 million upfront. Frequency is developing the treatment for sensorineural hearing loss, the most common form of hearing loss, caused by damage to the fine hairs in the inner ear that sense and translate sound waves. Once damaged, these cells don’t heal on their own. FX-322 is a cocktail of small-molecule drugs designed to restore hearing by targeting dormant cells in the ear to encourage the growth of new hair cells. Under the deal, Woburn, Massachusetts-based Frequency will hold onto the U.S. rights to FX-322, while Astellas will develop and commercialize it outside the U.S. Both companies will work on global clinical trials for the treatment and coordinate launch efforts, according to a statement. Frequency is bagging $80 million now, but stands to pick up another $545 million down the line in development and sales milestone payments as well as royalties.