LONDON—Covington represented Autifony Therapeutics Limited in connection with an option and asset purchase agreement with Boehringer Ingelheim (BI), with respect to Autifony's Kv3.1/3.2 positive modulator platform.

This agreement provides BI with an exclusive option to acquire Autifony’s Kv3.1/3.2 positive modulator platform, including Autifony's lead compound that is currently being evaluated in two Phase Ib studies. BI will pay Autifony an upfront option fee of €25 million, with the possibility of further payments of up to €17.5 million during the option period based on the achievement of short term milestones. The total potential value of the deal may reach up to €627.5 million upon reaching development and pre-commercialization milestones once BI has exercised its option.

Autifony is an independent UK-based biotechnology company formed in 2011, focused on the development of medicines to treat serious diseases of the central nervous system, including schizophrenia, Fragile X syndrome, and hearing disorders.

The Covington team included Daniel Pavin, Winsome Cheung, James Gubbins, Guy Dingley, Chris Bracebridge, Miranda Cole, and Richard Surtees.