Shire Licenses Parion's Dry Eye Drug

Shire plc and Parion Sciences, Inc. have entered an agreement granting Shire exclusive rights to develop and commercialize P-321, an investigational epithelial sodium channel (ENaC) inhibitor in Phase II development for the treatment of dry eye disease.   

P-321 is being developed to address tear volume deficiency and promote ocular surface healing and is believed to address dry eye disease by inhibiting ENaC, which is thought to block the absorption of tears. Current prescription treatments target the effects of ocular inflammation.  

Shire will make an initial $20 million upfront payment with an additional $20 million based on development milestones. Parion will be entitled to receive additional milestone payments, with a total consideration of as much as $535 million. Parion has the option to co-fund through additional stages of development in exchange for royalties. Parion also has the option to co-fund commercialization activities.

"Ophthalmics is a continued focus for Shire, and the program for P-321 will benefit from our development and commercial infrastructure and expertise," said Flemming Ornskov, chief executive officer, Shire. "This is an opportunity to apply our knowledge and experience from ophthalmics and dry eye disease for further innovation in this space. If approved, P-321 would expand our eye care portfolio."

"Advancing P-321 with Shire, an emerging global leader in ophthalmics, offers the expertise and resources to move this promising potential therapy for dry eye sufferers forward," said Paul Boucher, president and chief executive officer of Parion. "This collaborative license agreement enables us the opportunity to contribute and participate in P-321's success, while continuing our drive to progress Parion's pipeline of novel therapies."